The Inkatha Freedom Party says the sudden change of leadership in the state-run Ithala bank in KwaZulu-Natal is a "cover-up" for corruption ahead of the coming elections.
Last week, KwaZulu-Natal treasury boss Sipho Shabalala was appointed as the interim group chief executive of Ithala bank, replacing Ike Nxedlana.
Nxedlana was fired last month by the board, but was reinstated within a day.
Now he has been moved to head industrial development within the bank to make way for Shabalala.
The IFP says the move is "not a turn-around strategy" as pronounced by MEC for finance and economic development Zweli Mkhize.
The IFP's Lionel Mtshali said the party was not surprised by the developments at Ithala bank.
Mtshali said that in recent years Ithala's capital had allegedly been "systematically looted" by ANC members and their close associates through loans awarded without the slightest guarantees.
He said Nxedlana was "purged" because he was determined to get to the bottom of the irregularities at the bank.
The Congress of the People said it was concerned about the "possibility of purging Nxedlana and replacing him with Shabalala, who will be a lame duck in taking action against ANC defaulters".