Top Banker Lance Mambondiani Suspended Pending Investigations Of Misconduct
Lance Mambondiani, the managing director of BancABC Zimbabwe, has been sent on forced leave pending investigations into alleged malpractices. The move comes after Mambondiani reportedly fell out with the board over a protracted period on issues relating to misgovernance and fraudulent practices, according to impeccable sources. Mambondiani joined the banking group in 2019, but this is not the first time he has left a bank CEO post unceremoniously. In 2019, he left Steward Bank under similar circumstances.
Despite the current situation, Mambondiani has a reputation as a successful banking executive with a proven track record. Before joining BancABC, he had an impressive tenure at Steward Bank where he spearheaded the growth of the institution, transforming it from a small player to one of the largest banks in the country.
However, with the allegations of malpractice and misgovernance swirling around him, his future at BancABC remains uncertain. In the meantime, the bank will be led by an interim managing director as investigations into the alleged malpractices continue.
For Mambondiani, this is a challenging time, but he remains optimistic about the future. He has stated that he is committed to cooperating fully with the ongoing investigations and has expressed his hope that the matter will be resolved soon. Regardless of the outcome, his experience and expertise in the banking sector will undoubtedly make him a valuable asset to any institution looking for a leader with a proven track record of success.
Among the key innovations introduced by the bank during his tenure was the local remittance service CityHopper which was launched in 2020 and managed to process more than US$10m in one year.
His departure also follows an exodus of senior executives, including Head of IT Twaibu Seremani, Head of Retail Hope Marere and the Acting CFO Kudzai Muchada.
Trained in the United Kingdom, Mambondiani, returned to Zimbabwe in 2013 to take up a positon as a Business Development & Strategy Executive at Steward Bank.