AFRICAN BANK HOLDINGS LIMITED - ABKI and ABLI - Changes to the Board of Directors of African Bank Limited and African Bank Holdings Limited

ABKI and ABLI - Changes to the Board of Directors of African Bank Limited and African Bank Holdings Limited

AFRICAN BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registered Bank)
(Registration No. 2014/176899/06)
LEI: 2549008X8SL1B1J86F98
Company code: ABKI
(the "Bank" or "African Bank")

AFRICAN BANK HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration No.: 2014/176855/06)
Company code: ABLI
LEI: 254900UUEMIK0XL5A056
("ABHL" or the "Group")

CHANGES TO THE BOARD OF DIRECTORS OF AFRICAN BANK LIMITED ("ABL") AND AFRICAN BANK HOLDINGS LIMITED ("ABHL")

In accordance with paragraph 6.42 of the JSE Limited Debt and Specialist Securities Listings Requirements, 
noteholders are hereby advised that Mr Kennedy Bungane has stepped down as the Group's Chief Executive 
Officer ("GCEO") and as an executive director of African Bank and African Bank Holdings Limited ("ABHL") 
Boards of Directors (collectively the "Boards"), effective 6 March 2026. Consequentially, Kennedy resigns 
his memberships of the Social, Ethics and Transformation and the Special Projects and Large Exposures board
committees.

The Boards are appreciative to Kennedy for his significant contribution in the crafting and implementation 
of the Excelerate Strategy, which aimed to transform the bank from a mono-line unsecured lender into a 
customer centric, data and digitally enabled diversified, sustainable and scalable personal and business bank. 
The organic growth into new business areas, Alliance Banking and acquisitions of UBank, Grindrod Bank and some 
SASFIN Bank businesses brought in new capabilities in personal and business banking whilst growing customers 
and diversifying the balance sheet. The Board is seeking to consolidate and embed African Bank's organic and 
inorganic growth of the last five years, drive efficiencies and streamline its customer propositions.

The Boards have appointed, Mr Zwelibanzi ("Zweli") Nelson Manyathi as interim Group CEO, subject to obtaining
the requisite regulatory approvals, to lead the diversified African Bank through this next consolidation phase. 
Zweli, an industry veteran, was appointed to the Boards of African Bank on 22 September 2022 and has served as 
the Chief Executive of Business and Commercial banking of African Bank and has worked alongside Kennedy and
the members of the Group Executive Committee for the last four years. He managed the integration of Grindrod 
Bank and Sasfin Bank's businesses and the launch of Digital lending which has strengthen African Bank's business 
and commercial proposition, helping it expand into the SMME sector.

Zweli is a highly regarded banking executive with extensive leadership experience in the banking sector in South 
Africa. He was CEO of Business and Commercial at Standard Bank, where he oversaw strategic direction and contributed 
to financial service delivery. Prior to this, Zweli held numerous executive and senior positions some of which were, 
CE: FNB Branch Banking, CE: FNB Corporate Banking, supporting banking service expansion and driving organisational 
performance.

Chairman of the Boards, Thabo Dloti noted: "the Board is committed to a smooth transition and we are confident that 
Zweli provides a safe and skilled pair of hands, together with the rest of the executive team, to steer the Group to 
continue its transformation to a diversified, fully-fledged financial institution that services both personal and business
customers. We thank him for taking up the role as well as the rest of the capable executive team."

The leadership changes are subject to African Bank obtaining the necessary regulatory approvals.


6 March 2026

Debt Sponsor
The Standard Bank of South Africa Limited

Date: 06-03-2026 05:05:00
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