MBABANE – SBS Bank Eswatini has taken another major step towards becoming a full-fledged commercial bank after shareholders unanimously approved the nomination of eight Board of directors at its first AGM.
The directors were nominated during the institution’s first annual general meeting (AGM) following its conversion from a building society to a commercial bank, held at the Royal Villas on Friday.
The new Board comprises Professor Patricia Joubert, S’thofeni Ginindza, Theodore Lukhele, Simanga Simelane, Mduduzi Dlamini, Jonathan Magongo, Dr Bongiwe Mazibuko and Samuel Shongwe. Mazibuko and Shongwe are the only two members of the outgoing Board who have been nominated to serve on the new Board. However, the new directors will only formally assume office once their appointments have been approved by the Central Bank of Eswatini (CBE).
Company Secretary Velaphi Dlamini confirmed that shareholders had approved the nomination and appointment process, describing the AGM as a success. He said the meeting dealt with several key matters, including the approval of the minutes of the AGM held on July 31, 2025, as well as the receipt, consideration and adoption of the audited financial statements for the financial period ended December 31, 2025.
The AGM also provided shareholders with an update on the institution’s ongoing transformation from a building society into a fully-fledged commercial bank.
Managing Director Mbali Sibanyoni outlined progress made in the conversion process, which represents one of the most significant changes in the institution’s history. The conversion process dates back to 2012, when the idea of transforming the institution into a commercial bank was first conceived. The process gained further momentum in August 2024 when SBS began sensitising its permanent shareholders about the proposed transition.
This culminated in a special general meeting (SGM) in November 2024, where an overwhelming majority of members voted in favour of the new dispensation. Following the shareholders’ approval, the institution was successfully registered as a company before receiving a provisional banking licence from the CBE in October 2025.
The provisional licence represented a major milestone in SBS Bank Eswatini’s journey towards operating as a commercial bank. The institution is now working towards satisfying the remaining regulatory requirements before it can transition into a fully-fledged commercial bank. The current Board, which remains in office pending regulatory approval of the incoming directors, is chaired by Jethro Ndlangamandla. The outgoing board also includes Deputy Chairperson Mkhululi Mamba, Michael Matimela and Ayandza Sigudla.
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