TymeBank CEO Sandile Shabalala quits

(Also, read: Meet Sandile Shabalala, CEO of black-owned and controlled TymeBank)

It was unexpected… He certainly delivered for the bank… It’s hard work, I’m sure he hasn’t spent a lot of time at home, but resigning without a replacement… is always a bit worrying…

Kokkie Kooyman, Portfolio Manager - Denker

TymeBank CEO Sandile Shabalala has resigned.

Shabalala says he wants to spend more time with his family.

Deputy CEO Tauriq Keraan will manage the transition until a new CEO is appointed.

Shabalala will serve his notice period.

The Money Show’s Bruce Whitfield interviewed Kokkie Kooyman, a portfolio manager at Denker.

They discussed Shabalala’s resignation and South Africa’s new banks’ struggle to find their feet.

Listen to the interview in the audio below (and scroll down for more quotes from it).

They [TymeBank] raided the Nedbank Old Boys’ Club!

Kokkie Kooyman, Portfolio Manager - Denker

Bank Zero, Discovery Bank, TymeBank… to compete over the longer term you need deep pockets… All three of them are targeting different aspects of the market… TymeBank is taking deposits… [from] entry-level clients…

Kokkie Kooyman, Portfolio Manager - Denker

The banks have shown they won’t make the same mistake as when Capitec Bank started…

Kokkie Kooyman, Portfolio Manager - Denker

Capitalism is about competition… Clients are going to benefit from this competitive environment…

Kokkie Kooyman, Portfolio Manager - Denker

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