Chairman Louis von Zeuner said: “The board welcomes the formal appointment of Basani as CEO, following a successful induction process since July 2017.

“Basani has been an integral part of executing African Bank’s turnaround strategy since her appointment as a non-executive in July 2015 and subsequent transition to group executive for operations on July 3, 2017. We look forward to working with her in her capacity as CEO.”

READ MORE: African Bank swings back into profitability

Maluleke said: “I am encouraged with the progress we have made over the past several months to reposition African Bank into a competitive retail bank. Our executive team is supported and challenged by an independent and diversely skilled board, a culture which bodes well for building solid checks and balances across the business.”

– African News Agency