Steward Bank

Steward Bank Limited
Private
Industry Financial Services
Founded 2009
Headquarters 101 Kwame Nkrumah Avenue
Harare, Zimbabwe
Key people
 Oluwatomisin Fashina
Chairman
Kwanele Ngwenya
Chief Executive Officer[1]
Revenue Decrease US$22 million (H1:2013)
Total assets US$128.9 million (H1:2013)
Website www.stewardbank.co.zw

Steward Bank, whose official name is Steward Bank Limited, is a commercial bank in Zimbabwe. It is one of the regulated banking institutions licensed by the Reserve Bank of Zimbabwe, the national banking regulator.[2]

Overview

The bank is a medium-sized retail bank in Zimbabwe. As of August 2013, the total asset valuation of the bank was about US$128.9 million.[3] In November 2013, the shareholders' equity was valued at US$76.9 million, making it one of the top five capitalized banks in the country.[4]

History

The bank was established in 2009, as a commercial bank. Prior to that, the company had existed as a finance house since 1999. In 2006, the bank, executed a merger with Trustfin Financial Services Limited. In December 2009, TNFH, the holding company of TN Bank, successfully completed a reverse merger with Tedco, another Zimbabwean enterprise, to form TN Holdings, the parent company of the TN Group of Companies.[5] TN Holdings Limited, besides owning TN Financial Limited, the parent company of TN Bank, also owns TN Medical, an owner-operator of medical facilities including a medical insurance subsidiary, TN Asset Management and TN Harlequin, an upscale home and office furnishings manufacturer and distributor, among other interests.[6]

In July 2012 Econet Wireless, the largest mobile telephone provider in Zimbabwe, acquired 45% shareholding in the bank. In February 2013, Econet acquired the remaining 55% shareholding, thereby turning TN Bank into a 100% subsidiary of the mobile phone company. At that time the shares of the bank were delisted from the ZSE. Following the divesture from TN Bank, TN Holdings Limited rebranded to Lifestyle Holdings Limited.[7]

In July 2013, TN Bank rebranded to Steward Bank and began a series of reforms to separate itself from its former owners, including setting up a new Board of Directors, creating a new corporate logo, launching a new website and relocating its branches away from Lifestyle Holdings locations.[8]

Ownership

During 2012 and early 2013, Econet Wireless the largest communications company in Zimbabwe, whose shares are listed on the Zimbabwe Stock Exchange, acquired controlling shareholding in TN Bank, the predecessor of Steward Bank, thereby making it an Econet subsidiary. In July 2013, TN Bank rebranded to Steward Bank.[9]

Branches

Steward Bank has 9 branches across most major metropolitan areas in Zimbabwe, providing convenient banking to mobile clients. It handles Econet's Ecocash transactions.

See also

References

This article is issued from Wikipedia - version of the 11/15/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.