Picture: MASI LOSI
Picture: MASI LOSI

African Rainbow Capital-owned TymeBank, one of several new banks in SA, says it has promoted Tauriq Keraan to CEO after Sandile Shabalala resigned in June.

Keraan, who has been deputy CEO since 2018 and is a founding member of the bank, “has played an instrumental role in the bank’s development”, African Rainbow Capital Investments (ARC Investments) said on Wednesday.

“Keraan takes the reins as the bank reached over 600,000 customers, five months after its official launch in February,” ARC Investments said. His appointment is effective immediately.

BUSINESS PODCAST | Tyme for a change: how digital upstarts plan to break SA’s banking cartel

Email us on tcb@businesslive.co.za

For more episodes, click here.

Subscribe: iono.fm | Spotify | Apple Podcasts | Pocket Cast | Player.fm

TymeBank chair Thabani Jali, a former Nedbank executive who assumed the role in June, said Keraan’s appointment “will ensure continuity in the business”.

In June, the bank said Shabalala resigned for personal reasons, including that he wanted to spend more time with his family.

At the same time, Jali was appointed as an independent nonexecutive director and chair of the bank, while Tom Boardman, a former Nedbank CEO, was appointed deputy chair.

Philip Wessels, who was group executive for retail and business banking at Nedbank until his early retirement in 2016, was appointed as an independent nonexecutive director.

TymeBank, which was bought by Commonwealth Bank of Australia in 2015, was acquired by African Rainbow Capital in 2018.

African Rainbow Capital, through its subsidiary ARC Financial Services, owns 73% of TymeBank, whose other shareholders include its founders and employees.