Steward Bank
| Company type | 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 |  US$22 million (H1:2013) |
| Total assets | US$128.9 million (H1:2013) |
| Website | Homepage |
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[update], 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.
External links
- Website of Steward Bank
- Website of Reserve Bank of Zimbabwe
- Banks Recapitalisation Deadline Extended
See also
References
- ^ Key People At Steward Bank
- ^ List of Registered Banking Institutions In Zimbabwe
- ^ Steward Bank Half Year Financials August 2013
- ^ Steward Bank Restructures
- ^ The Current Corporate Structure of The TN Group
- ^ About TN Bank Limited
- ^ About Lifestyle Holdings Limited
- ^ Steward Bank Seeks Break From Lifestyle Holdings
- ^ Steward Bank Unveiled