African Bank CEO Basani Maluleke resigns

African Bank announced on Monday that Basani Maluleke has resigned as the group’s CEO and as an executive director of the African Bank and African Bank Holdings Limited (ABHL) boards of directors.

“Basani Maluleke is stepping down to pursue other career opportunities,” the bank said.

Her resignation is effective January 24 but Maluleke will serve out her notice period until April 30, during which time she will be available for a  hand-over process.

The board said it is “appreciative of Basani’s significant contribution in leading the transformation at African Bank to become a diversified and investable retail bank, and wishes her well with her future endeavours”.

CFO Gustav Raubenheimer is expected to serve as interim CEO until a permanent replacement is found.

African Bank is due to present its annual financial results on Tuesday.

- An earlier version of this article said Maluleke's resignation takes effect on April 30. This is incorrect. Her resignation took effect on January 24, but she will remain on to assist with the handover for three months. We regret the error.

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