Pembani: Chief poached from Barclays Africa

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Kennedy Bungane, the head of Barclays Africa’s operations outside South Africa, will become the chief executive of Pembani, which last month combined its assets with Cyril Ramaphosa’s Shanduka. Pembani said yesterday that Bungane, 40, would join the black-owned investment house specialising in mining, energy and resources in August. Before joining Barclays Africa, he led local corporate and investment banking at Standard Bank. “The group is entering an exciting period of growth and Kennedy’s extensive commercial and regional experience will be invaluable as we invest in new opportunities,” Phuthuma Nhleko, the chairman of Pembani and former chief executive of MTN, said. Ramaphosa divested from Shanduka last month and his family interests were put into blind trusts when he was sworn in as deputy president. The combined value of the merged Shanduka and Pembani assets would exceed R13.5 billion, Shanduka said last month. Pembani’s investments include stakes in BHP Billiton Energy Coal South Africa and Petroliam Nasional’s Engen fuel-retailing unit. – Bloomberg

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