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African Bank to get five new directors

African BankSouth African Reserve Bank (SARB) has approved five new independent non-executive board members to the restructured African Bank, Good Bank, and its holding company.

The five appointees are Basani Maluleke, Sybille McCloghrie, Ignatius Sehoole, Louisa Stephens and Frans Truter.

Basani Maluleke worked as a senior dealmaker at Rand Merchant Bank from 2005 to 2009, and joined First National Bank in 2011 as part of an executive management rotation programme.

She is currently a director of Transcend Capital (Proprietary) Limited and African Century Ventures (Proprietary) Limited, of which she is also a co-founder.

Ms. Maluleke is a director of Transcend Capital, African Century Ventures, A.T. Kearney and Ata Capital.

Ms. Maluleke holds a Bachelor of Commerce degree majoring in accounting and a Bachelor of Laws degree, both from the University of Cape Town, and obtained her MBA from the Kellogg School of Management, USA in 2011.

Sybille McCloghrie has been the Chief Executive Officer of Symelation Holdings since 2005.

Prior to this, she was responsible for the commercialisation and international expansion of Tilos. From 1989 to 2001, she worked in various executive roles in service delivery and business development roles at FirstRand Bank Limited (where she attained her banking qualifications), AECI Information Services, Electronic Data Systems and IBM Global Services.

Ms. McCloghrie is a director of Symelation Holdings (Proprietary) Limited.

Ms. McCloghrie completed her undergraduate degrees at the University of South Africa and her MBA at Edinburgh University.

Ignatius Sehoole qualified as a chartered accountant in 1991. Since 2013, Mr. Sehoole's occupation has been to serve as a non-executive director on the boards of various companies (see below), several of which directorships he has held for a number of years.

Mr. Sehoole was Group Executive of Business Risk Management at MTN Group Limited from 2010 to 2013.

Prior to that, he was the Deputy Chief Executive Officer of PricewaterhouseCoopers Southern Africa. From 2000 to 2009 he was the Executive President of the South African Institute of Chartered Accountants.

Mr. Sehoole is a director of MTN Operations (Swaziland, Rwanda), Mascom (Botswana), Harith Fund Managers, SacOil Holdings Limited, CAPIM and AFGRI.

Louisa Stephens qualified as a chartered accountant in 2003, having served her articles at KPMG. She worked as a transactor and credit analyst in structured finance at Rand Merchant Bank for five years. Thereafter, she occupied various key positions at the National Empowerment Fund, Circle Capital Ventures, Sasol Group Finance and Nozala Investments.

Ms. Stephens is a director of Greymatter and Finch, South Ocean Holdings Limited and Royal Bafokeng Platinum Limited.

Ms. Stephens holds a Bachelor of Commerce (Honours) degree from the University of Johannesburg and a Bachelor of Business Science degree from the University of Cape Town.

Frans Truter served as the Chief Financial Officer of Momentum Group Limited from 1988 to 2004. He then served as the Director of Strategic Investments for Momentum Group. Mr. Truter has been an Independent & Non-Executive Director of MMI Holdings Limited since 2010.

Mr. Truter is a director of MMI Holdings Limited, MISMS Trade and Invest, Sotru Investments, RMB Asset Management, Advantage Asset Managers, FirstRand International Asset Management, and RMB Asset Management International.

Mr. Truter holds a bachelor of commerce (Honours) Degree and an A.M.P. (Oxford) qualification.


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