Ithala board appoints new IDFC chief

By Dhivana Rajgopaul Time of article published Nov 1, 2018

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DURBAN – The Ithala board of directors has appointed Pearl Sizeka Bengu as new group chief executive of Ithala Development Finance Corporation (IDFC) with effect from November 1.

For the past months, the Ithala board of directors has been looking for an appropriate person capable of taking over the reins of the IDFC.

Ithala is one of the main drivers of economic development in KwaZulu-Natal (KZN) and a strategic enabler of support for the province's historically disadvantaged communities.

According to the board, they had actively engaged with the new chief executive and believe that she will be able to lead the organisation making sure that it continues to pursue clean and efficient corporate governance and pushes economic development in KZN. 

Pearl Bengu, the new Group Chief Executive of Ithala Development Finance Corporation. Photo: Supplied

The board also trust that Bengu will work closely with Danny Zandamela chief executive in our subsidiary Ithala Soc Limited to obtain a full banking licence which will allow the institution to compete with other banks and manage government accounts.

As the group chief executive Bengu will be involved in establishing the organisation’s new vision, mission and values which are all geared towards boosting Ithala’s effort to spearhead development in KZN. 

Ms Bengu has previously had 20 years of service in Public Sector Banking at FNB and six years of service as the of the KZN regional division of SA Social Security Agency. 

The MEC for Economic Development, Tourism and Environmental Affairs welcomed the appointment of Bengu and said the Bengu has experience that will benefit Ithala and help them achieve their mandate. 

The Board thanked Mr Themba Mathe for his time and effort in managing the organisation as acting group chief executive for the past year. 

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