VENTURES AFRICA – Telecommunication group, Econet Wireless Zimbabwe (EWZ) has officially rebranded the name of its banking subsidiary, TN Bank to Steward Bank on Wednesday.
Econet’s growing mobile money service unit, Eco Cash, is expected to leverage on the transformation of the commercial bank for its operations.
EWZ, which formerly owned 45 percent stakes of the TN bank took control of the financial institution after its founder, Twanda Nyambirai, exchanged his stakes for an equivalent value of Econet Shares.
Steward Bank CEO, Kwanele Ngwenya, said the change is the first step of the rebranding journey and the name “Steward” was chosen because it reflects the bank’s values and commitment to its customers.
As part of the transformation exercise, the bank changed its main color from blue and gold to purple. Ngwenya said this signifies wealth, wisdom, dignity, royalty, independence, creativity and trustworthiness.
Steward Bank also reshuffled its top management.
Ngwenya said the shuffle is targeted at maintaining momentum and ensuring that the bank has the right organisational leadership in place to direct the success of its business.
“We are working in a seamless transition and have set up a call center to provide an interactive platform to our customers.”
He added that the bank will over the next few months; launch a series of innovative product and services.
The bank’s CEO also noted that Steward bank has exceeded the Reserve Bank of Zimbabwe’s (RBZ) minimum capital requirements.
“The bank capital base now sits in excess of $75 million, ranking it among the country’s top five banks in terms of capitalisation,” Ngwenya said.
Under the RBZ recapitalisation, banks were required to raise at least $50 million by June 2013.
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