Steward Bank of Zimbabwe

Steward Bank was launched in July 2013 following Econet Wireless Zimbabwe’s acquisition of TN Bank, a subsidiary of TN Holdings Limited (now known as Lifestyle Holdings).  Following its launch, the Bank has since positioned itself as a mass-bank, focused on providing banking solutions through the use of technology.

Steward Bank is the first bank in the country to have convergence with telecommunications and together with its technology focus the bank is set to change the way Zimbabweans view banking.

The future prospects of Steward Bank are very promising, with a total capital base which stood at $75 million on 28 Feb 2013, which is well in excess of the Reserve Bank of Zimbabwe’s requirement of $50 million by June 2013. In addition to this the liquidity ratio has seen remarkable improvement from 5% at 31 December 2011 to 25% at 28 February 2013. In terms of the external credit rating, Steward Bank’s GCR Company rating has improved from a BB rating in October 2010 to BB+ in October 2012. All very positive indicators of a bright and prosperous future for the bank and its clients.

Relationship with Econet Wireless Zimbabwe Ltd

Econet Wireless Zimbabwe Ltd, (EWZL) is a public listed company, on the Zimbabwe Stock Exchange, it is a subsidiary of a privately held international group called Econet Wireless Global, which is registered in Mauritius. Econet Wireless Global has operations, and business interests, in more than 17 countries around the world, including Zimbabwe. More information about EWG may be obtained on its website (www.econetwireless.com), or its South African head office. Econet Wireless Zimbabwe Ltd, operates only in Zimbabwe, and has no businesses, operations or investments, outside Zimbabwe.

History

Established in 2001 as TN Asset Management. The company developed into the second largest asset management firm in Zimbabwe before acquiring a Finance House in 2006 which was renamed TN Financial Holdings. In 2009, TN Financial Holdings successfully completed a reverse merger with Tedco, a Zimbabwean furniture company, to form TN Holdings Limited, a listed company. In February 2009 TN bank launched commercial banking operations after having operated for ten years as a Finance House. TN Bank expanded it’s branch network throughout the country by leveraging on capital & consumer goods such as furniture and groceries offered by Group Subsidiaries.

Econet Wireless Zimbabwe Limited acquired 100% shareholding in TN Bank in January 2013 and the Bank is now poised to become one of the leading banks in Zimbabwe and the first milestone in the new journey to excellence has been the rebranding of the bank to STEWARD BANK. Although Econet Wireless Zimbabwe Ltd, (EWZL) is a public listed company, on the Zimbabwe Stock Exchange, it is a subsidiary of a privately held international group called Econet Wireless Global, which is registered in Mauritius. Econet Wireless Global has operations, and business interests, in more than 17 countries around the world, including Zimbabwe.

Vision

To become one of the biggest banks in Zimbabwe by customers and balance sheet size by 2019

Mission

To provide customised innovative world class products and services through convenient channels, technologies and dedicated employees.

Diaspora Banking

Steward Bank recognizes that Zimbabweans in the Diaspora have a desire to invest and create a financial base back home through reputable and convenient channels. It therefore offers a wide range of services to suit your banking needs while you are living and working abroad.

At Steward Bank guarantee the following services:

ü  Dedicated and professional staff.

ü  Contact Centre to handle your queries.

ü  Quick resolution of queries.

High quality service tailored to suit your needs.