ITHALA Development Finance Corporation has appointed a leading woman banker, Yvonne Zwane, as its group chief executive.

Zwane becomes the first woman CEO in the corporation’s 51-year history. She replaces Sipho Shabalala, who left the bank in August last year amid controversy after police accused him of securing, while he was the provincial Treasury head, a R1 million donation for the ANC from a businessman who had deals with the government.

Zwane has worked as CEO of national government business at FNB. Before this, she was FNB’s provincial director, managing the public sector banking portfolio, operating with a R20 billion budget and driving FNB’s banking strategy in KwaZulu-Natal. She holds a Master’s in business leadership (MBL), a BComm accounting and a university educational diploma.

Ithala Group chairman Mandla Gantsho said the corporation was poised to rise again under her leadership. Economic Development MEC Mike Mabuyakhulu said her appointment put Ithala in a good position.

Zwane said:

“I am looking forward to exploring the opportunities which will bring financial sustainability and development for the province.”