New CEO eager to stabilize African Bank’s Good Bank - CNBC Africa

New CEO eager to stabilize African Bank’s Good Bank

Southern Africa

by Thabile Manala 0

Industry veteran to take over the reins of African Bank's Good Bank. PHOTO: African Bank

Former CEO of Wesbank, Brian Riley (57), has been appointed to take over the reins as CEO designate of African Bank's Good Bank and its new Holding Company (“New Co”) with immediate effect.

Curator of the African Bank, Tom Winterboer, made the announcement subject to the standard processes and approvals by the Office of the Registrar of Banks.

“He joins recently appointed chairman designate, Louis von Zeuner as the second designate appointment to Good Bank, which will assist me to focus on my curatorship duties, knowing that an important stream of work is being undertaken in preparation for the successful formation of Good Bank,” said Winterboer in a statement about the appointment. 

Riley’s contract is with African Bank and will be transferred to Good Bank in reasonable time along with the other employees of African Bank.

Riley’s initial function will focus on the development of the financial, operational and brand strategy for Good Bank.

“My first challenge will be to mobilise the bank’s existing resource base into a defined strategy that can sustain Good Bank over the short to medium future. I am eager to get to grips with the Bank on an operational, financial and brand perspective and intend to define a clearer path forward in due course,” said Riley on his appointment.

He oversaw Wesbank through a successful growth period. In his tenure, he was also an executive member of a five-person FirstRand Bank Limited strategic committee.