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African Bank appoints Good Bank CEO designate

May 05 2015 10:37

Johannesburg - The curator of African Bank announced on Tuesday that Brian Riley (57) has been appointed as CEO designate of Good Bank and its new holding company with immediate effect.

The appointment is subject to the standard processes and approvals by the office of the Registrar of Banks.

READ: Sarb steps in as African Bank seeks R8bn

“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 in a statement on Tuesday.

His employment contract is with African Bank and will be novated to Good Bank at the appropriate time, along with other employees of African Bank, according to a statement issued on behalf of the curator, Tom Winterboer of PwC.

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

The curator's responsibilities in respect of the existing African Bank remain unchanged. These include to stabilise the operations of the bank and to seek to preserve its operations during the curatorship.

The curator must also bring forward a restructuring proposal for the effective resolution for the bank and its business.

READ: African Bank collects up to R2.4bn per month

Winterboer has applied for a banking licence for Good Bank and will apply for the appropriate approvals for the new holding company and any other companies required to give effect to the restructuring proposal.

Riley retired in December 2013 after serving for seven years as CEO of Wesbank, a division of FirstRand Bank. He was seconded to Wesbank SA from the UK in 1988.

As CEO of Wesbank he oversaw a successful growth period.

“We are thrilled that Brian has accepted this position. He joins recently appointed chair designate Louis von Zeuner as the second designate appointment to Good Bank. This will assist me in focusing 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. 

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