African Bank plans major restructuring, 1,200 jobs at risk

African Bank has announced plans for a major restructuring that could affect 1,200 employees and result in the closure of 90 branches nationwide. Financial Pressures The bank revealed that it is considering a Section 189A retrenchment process after reporting a net after‑tax loss of R624 million for the six months ending 31 March 2026. Management flagged that operating costs were rising faster than risk‑adjusted revenue, forcing a renewed focus on IT, procurement, and operational efficiencies.