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Econet acquires 100 percent TN Bank shareholding
12/12/2012 00:00:00
by Paradzai Brian Paradza
 
Expanding influence ... Strive Masiyiwa
 
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STRIVE Masiyiwa is now 100 percent into banking!

This after his mobile communications company Econet Wireless scooped the majority shareholding in TN Bank in a deal set to shake the financial sector if approved by the Securities Commission, the Zimbabwe Stock Exchange and the Reserve Bank of Zimbabwe.

Announcing what will pass as the biggest financial shaker in Zimbabwe’s recent memory on Wednesday, TN Holdings founder and majority shareholder Tawanda Nyambirai said Econet Wireless was buying him out of TN Bank in exchange for shares in Econet Wireless.

“The result will be that TN Bank will become a 100 percent subsidiary of Econet Wireless,” Nyambirai said.

“The offer which I have already accepted, which I believe shall be extended to the rest of the minority shareholders in TN Bank is still to go through the normal process of approval by the Securities Commission, the Zimbabwe Stock Exchange and the Reserve Bank of Zimbabwe.

“The result of the offer is that I will be a minority shareholder in Econet Wireless”, he added.

Nyambirai will step down as Econet director and take up a position as board member in Econet Global, the parent company. He steps aside after serving as the mobile communications giant chairman for over 10 years.

James Myers takes over as the new boss.

“It is a day most anticipated for a very long period of time. I joined the Econet Board in 1998, I was 28 or 29 years then, straight from the practice of law”, said Nyambirai.

Econet Wireless previously held a 45 percent stake in the bank, with the resting belonging to Nyambirai.

TN Bank is one of the country’s fastest growing indigenous banks and has withered the adverse financial conditions which saw many local banks either collapsing or being forced into mergers to survive.

The Reserve Bank of Zimbabwe has, in order to stimulate corporate governance and induce stability in the volatile sector, hiked the banks statutory reserves by 100 percent and called on banks to merge units or find new shareholders to boost their capital base.

Econet Wireless, Zimbabwe's biggest mobile operator, through its money transfer brainchild Ecocash has been forging alliances with banks to support the facility.

Analysts view the company's latest move as signaling its plans to invest vastly in the financial sector.



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Over the past few years, TN Holdings has expanded its investments and acquired a broad range of firms including those dealing in furniture, fast food outlets and supermarkets.


 
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