African Bank has announced the resignation of Group Chief Financial Officer Anbann Chetti, effective 11 September 2026, a departure that comes just six months after the exit of CEO Kennedy Bungane and raises fresh questions about stability at the top of the embattled financial institution.
Chetti, who also stepped down from multiple board committees, will be succeeded in an acting capacity by Given Mabena, pending regulatory approval. The twin departures of the CEO and CFO within such a short timeframe have underscored persistent instability in the bank’s senior leadership ranks. Interim CEO Zweli Manyathi is already the fourth chief executive in eight years—a revolving door that has hampered the bank’s ability to execute a coherent long-term strategy.
The leadership churn is compounded by governance concerns. The Prudential Authority previously flagged reporting errors under the Basel 3.1 framework, raising questions about the bank’s internal controls and financial reporting integrity. Those concerns now weigh heavily on African Bank’s credibility as it seeks to stabilise operations, retain depositor confidence, and chart a path toward sustainable growth.
Analysts have noted that frequent changes at the helm often signal deeper structural issues, including boardroom tensions, strategic misalignment, or regulatory pressures. While African Bank has not disclosed the reasons for Chetti’s resignation, the timing—coming so soon after Bungane’s exit—suggests that the bank’s challenges are far from resolved.
Given Mabena, who steps into the acting CFO role, faces an immediate task of reassuring investors, regulators, and staff. The bank’s board has indicated that a permanent appointment will be made in due course, but the priority now is stability.
For African Bank, the road ahead is steep. Once a symbol of resilience after its 2014 collapse and subsequent rescue, the bank now finds itself battling to convince the market that it has both the leadership and the governance framework to deliver. Whether this latest resignation proves to be a bump in the road or a sign of deeper malaise will depend on the board’s next moves—and how quickly it can restore confidence in an institution that can ill afford further disruption.
About The Author
