African Rainbow Capital Investments Limited
(Incorporated in the Republic of Mauritius)
(Registration number C148430)
JSE share code: AIL
ISIN: MU0553S00000
(“ARC Investments”)

LEADERSHIP CHANGES AT TYMEBANK: Board and Chief Executive Officer

Shareholders are referred to the announcements released on the Stock Exchange News Service on 8 August 2018 and on 2 November 2018 regarding the acquisition of TymeBank by ARC Investments’ controlling shareholder, African Rainbow Capital.

Shareholders are advised of leadership changes at TymeBank, which include the following appointments to the Board of Directors of TymeBank:

  • Mr Thabani Jali as Independent Non-executive Director and Chairperson.
  • Mr Tom Boardman as Non-executive Director and Deputy Chairperson.
  • Mr Philip Wessels as Independent Non-executive Director.

Mr Jali is the former KwaZulu Natal High Court Deputy Judge President. Mr Jali retired in January 2019 as member of the Group Executive at Nedbank where he held the position of Chief Governance and Compliance Officer and Group Company Secretary. He also served as Executive Chairman of PriceWaterhouseCoopers.
Mr Boardman is the former CEO of Nedbank and retired from this executive position in 2010.

Mr Wessels was previously Chief Risk Officer and then Group Executive for Retail and Business Banking at Nedbank until his early retirement in 2016.

TymeBank also announced that its Chief Executive Officer (CEO) Mr Sandile Shabalala has tendered his resignation for personal reasons, the most important of which is to spend more time with his family.
Mr Shabalala held the position of CEO for close to three years. He led TymeBank through its development phases and its public launch in February this year. Since launch the Bank has acquired more than 400 000 customers and is well on its way to acquiring 500 000 by July this year.

The TymeBank Board will announce the appointment of a new CEO in due course, subject to feedback from the Prudential Authority at the SA Reserve Bank. Mr Shabalala will serve his notice period. Mr Tauriq Keraan, deputy CEO of TymeBank, will manage the transition period alongside Mr Shabalala until a new CEO has been appointed.

The leadership changes are effective immediately.

African Rainbow Capital (ARC), through its subsidiary ARC Financial Services, is the majority shareholder in TymeBank and currently holds a 73% interest. Other shareholders include the founders of TymeBank as well as employees of TymeBank.

Ebène, Mauritius (with simultaneous circulation in Johannesburg)
25 June 2019

RAND MERCHANT BANK (A division of FirstRand Bank Limited)