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AFRICAN RAINBOW CAPITAL INVESTMENTS LIMITED - Appointment of TymeBank CEO

Release Date: 07/08/2019 08:30
Code(s): AIL     PDF:  
 
Wrap Text
Appointment of TymeBank CEO

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

APPOINTMENT OF TYMEBANK CEO

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 (“ARC”), and of the announcement released on 25
June 2019 on the resignation of the TymeBank Chief Executive Officer (CEO).

Shareholders are advised that the Board of Directors of TymeBank has appointed Mr Tauriq Keraan
as CEO.

Mr Keraan previously held the position of deputy CEO. He has played an instrumental role in the bank’s
development, having been a founding member that led to Tyme’s inception in 2012 and having played
a critical role in the market launch of TymeBank in 2019 and the subsequent maturation of its
operations. He succeeds former CEO Sandile Shabalala who resigned for personal reasons. Mr Keraan
takes the reins as the bank reached over 600 000 customers, five months after its official launch in
February.

Mr Thabani Jali, Chairman of TymeBank, comments:
“We are pleased that Mr Keraan will take up the position of CEO of TymeBank as it will ensure
continuity in the business. He is a seasoned executive who will continue to build TymeBank in its
efforts to deliver affordable and accessible banking to our customers.”

Under Mr Keraan’s leadership, management will continue implementing the bank’s existing strategy.

Mr Keraan is a digital banking veteran and is passionate about financial inclusion. He played a key
role in the inception of Tyme, as well as its subsequent sale to Commonwealth Bank of Australia in
2015 and then to African Rainbow Capital in 2018.

Mr Keraan was appointed to the position of deputy CEO in 2018. In this role, he drove cross-functional
execution and had line accountability for strategy, partnerships, data science, innovation, stakeholder
engagement and operations. He also played a critical role in the market launch of TymeBank in 2019.

Mr Keraan obtained an MSc (Materials Engineering) from the University of Cape Town and he has
spent 10 years building and scaling digital banking businesses in South Africa.

The leadership changes are effective immediately.

Issued by
ARC Investments Company Secretary on behalf of the Board

Ebène, Mauritius (with simultaneous circulation in Johannesburg)
7 August 2019

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 07/08/2019 08:30:00
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