Brian Riley will quit as CEO of African Bank by March, and Basani Maluleke looks set to replace him
Riley was appointed to head the ‘good bank’ salvaged from the collapsed JSE-listed African Bank Investment Limited, by curator Tom Winterboer in May 2015
African Bank CEO Brian Riley intends stepping down in five months’ time, and will probably be replaced by Basani Maluleke, the "good bank" salvaged from the collapsed JSE-listed African Bank Investment Limited (Abil) said on Wednesday.
Maluleke had been identified as a potential successor earlier in 2017 and she was appointed to the executive team in July, African Bank said.
The process of inducting Basani had been under way for the past few months, and she had been a board member of the group since July 2015.
Riley was appointed to head the "good bank" by Abil’s curator, Tom Winterboer, in May 2015.
"Brian was instrumental in refocusing and overseeing the establishment of the strategic platform for the group," African Bank Group chairperson Louis von Zeuner said in the statement.
"We are pleased that he has accepted our invitation to remain on the board as a nonexecutive director after he steps down as CEO in March. This will enable the team to leverage his knowledge gained at African Bank as well extensive knowledge as a seasoned banker." Maluleke is admitted attorney with more than 10 years of financial services experience. She has worked for Edward Nathan Friedland, and in FirstRand’s RMB and FNB divisions.
"I am delighted with the progress we have made and although my role will change from April next year, I remain convinced that the path we have chosen is the right one and, more importantly, that we have the right people in place to achieve our ambitious goal be a highly respected South African Retail Bank," Riley said.
African Bank also announced that Ignatius Sehoole resigned as a director to pursue alternate interests.