Econet rebrands bank, capital now US$75m

Spread This News

THE Econet Wireless-owned TN Bank has been renamed Steward Bank with management also revealing that its capital base was now over US$75 million, ranking it among the country’s top five banks in terms of capitalisation.
The Reserve Bank of Zimbabwe (RBZ) set a minimum capitalisation target of US$50 million for commercial banks to be achieved by the end of this year.
But chief executive officer, Kwanele Ngwenya, said Steward Bank had already surpassed the TBZ’s target.
“As you know, we are 100 percent owned by Econet Wireless, I am happy to say that the bank is well capitalised to the tune of US$75,1 million as at February 2013,” he said.
“By June 2013 we should have been at US$50 million, but we have already surpassed that. We have already met the December 2013 deadline, so we are very excited about the journey and definitely we will meet our capitalisation target by June 2014.”
Ngwenya said the bank would over the next “few” months launch a series of innovative products and services which were relevant to their customers’ needs.
“We are working on a seamless transition and have set up a call centre to provide an interactive platform for our customers. We are committed to transforming Steward Bank into an innovative, stable and dependable institution. We invite all Zimbabweans to join us on this journey of excellence,” he said.
“We are one of the (best) capitalized banks in the country and are looking forward to serving our customers both old and new in professional manner. We want to build a financial institution that inspires confidence on the market.”
The rebranding exercise follows the acquisition of TN Bank by Econet Wireless in January this year.
Ngwenya, a South African national who was appointed to head the bank early this year, said the name ‘Steward’ was chosen because it reflects the bank’s values and commitment to its customers.
“A steward denotes a custodian who grows and protects customer’s resources, hence our promise: Your money our commitment,” said Ngwenya. “This supports our values of honesty, professionalism, innovation, excellence, integrity and Hunhu/Ubuntu.”
Econet acquired the bank after buying out its founder Tawanda Nyambirai with management saying the unit would be used to drive the company’s fast-growing EcoCash service..Advertisement

The telecoms group initially took up a 45 percent shareholding after advancing the bank a US$20 million loan to help recapitalise its operations.