African Bank is facing another leadership change after group Chief Financial Officer (CFO) Anbann Chetti resigned with immediate effect.
Chetti joined the bank as group CFO and executive director in August 2023. He announced his resignation on 11 September, saying he planned to take an executive sabbatical to focus on further academic development and explore selected opportunities.
African Bank has appointed Given Bhutana Mabena as acting group CFO while it searches for a permanent replacement.
The departure comes just six months after former CEO Kennedy Bungane stepped down in March. He was replaced by Zwelibanzi Manyathi, who was appointed permanent CEO in August.
Bungane’s departure followed scrutiny of the bank by the Prudential Authority over a regulatory reporting matter. His resignation also raised questions about leadership stability at the bank, which has had several CEO changes in recent years.
Speaking to 702, Denker Capital portfolio manager Kokkie Kooyman said the latest changes raised concerns about the bank’s board and its ability to provide long-term leadership stability.
“There seems to be a problem there at the board level in terms of the plans and attracting the right people,” Kooyman said.
Questions Around Chetti’s Exit
While African Bank has cited Chetti’s decision to pursue other interests, Kooyman suggested there could be a connection between his departure and regulatory issues that emerged during the bank’s rapid expansion.
He said African Bank grew significantly under Bungane’s “Accelerate 2025” strategy, including acquisitions, joint ventures and expansion into Zambia. According to Kooyman’s assessment, the rapid growth also brought increased costs and bad debts.
African Bank subsequently faced regulatory scrutiny over transactions linked to its capital position. The Financial Services Tribunal ordered the bank to reverse the transactions after the Prudential Authority raised concerns.
Kooyman said it was too early to know the full circumstances surrounding Chetti’s resignation but described an immediate departure as notable.
He also speculated that the South African Reserve Bank, which has held a significant stake in African Bank since the bank’s restructuring in 2014, may have been unhappy with the way the situation was handled.
Those comments remain an external assessment and have not been confirmed by African Bank or the Reserve Bank.
The leadership changes come as African Bank’s planned Johannesburg Stock Exchange listing remains delayed, with the bank now targeting 2030 for its initial public offering.
For now, Mabena will oversee the finance function while African Bank begins the process of finding a permanent CFO.
Main Image: News24
