The curator said on Tuesday, 5 May, that Riley's employment contract was with African Bank and would be amended at the appropriate time.
Riley's initial focus would be on the development of the financial, operational and brand strategy for Good Bank.
The curator's responsibilities regarding the existing African Bank remained unchanged. These included stabilising its operations and bringing forward a restructuring proposal for the effective resolution for the bank and its business.
The curator had "applied for a banking licence for Good Bank, and will apply for the appropriate approvals for New HoldCo and any other companies required to give effect to the restructuring proposal".
Riley retired in December 2013 after serving for seven years as CEO of Wesbank, a division of the FirstRand Bank.
Source: BDpro
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