African Bank has asked its outgoing CFO Gustav Raubenheimer to stay on after a recruitment process to find his replacement was delayed.
Raubenheimer relinquished the finance chief post in February after he was appointed group executive of lending decisions and data sciences within the bank, subject to the approval of the Reserve Bank’s Prudential Authority.
African Bank said in a statement on Friday that the recruitment process would not be finalised by April 30, as it had initially envisaged.
Raubenheimer will in the meantime serve as acting CFO, as well as acting group executive of lending decisions and data sciences while awaiting clearance from the Prudential Authority on the latter appointment.
Group CEO Kennedy Bungane has only been in change for about a year after the sudden departure of Basani Maluleke, who was the first black woman to lead a commercial bank in SA.
African Bank, which competes with the likes of Capitec in the unsecured lending space, has had its fair share of trials and tribulations since it was founded in 1975.
In 2014, it was placed in curatorship by the Reserve Bank after nearly collapsing under a mountain of debt before embarking on a long road back to financial health.
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