Steward Bank

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 central bank and national banking regulator.[4]

Steward Bank Limited
TypePrivate
IndustryFinancial Services
Founded2013 (2013)
Headquarters101 Kwame Nkrumah Avenue
Harare, Zimbabwe
Key people
Bernard Chidzero Junior
Chairman
Courage Mashavave
Chief Executive Officer[1]
Revenue US$6,155,096 (2017)
US$5,412,080 (2016)[2]
Total assets US$226,058,440 (2017)
US$168,692,986 (2016)[2]
Number of employees
325 (2018)[3]
Parent[
Websitewww.stewardbank.co.zw

Location

The headquarters and main branch of Steward Bank are located at 79 Livingstone Avenue, in Harare, the capital and largest city of Zimbabwe.[5] The geographical coordinates of the bank's headquarters are: 17°49'38.0"S, 31°03'11.0"E (Latitude:-17.827222; Longitude:31.053056).[6]

Overview

The bank is a medium-sized retail bank in Zimbabwe. As of February 2017, the total asset valuation of the bank was US$226,058,440, with shareholders' equity of US$75,046,584.[2] 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.[7]

History

The bank was established in 2013, 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. TN Holdings Limited, besides owning TN Financial Limited, the parent company of TN Bank, also owned 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.[3][8]

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.[9]

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.[10]

In June 2019, Dr. Lance Mambondiani resigned and was replaced by former Econet Wireless CFO, Kris Chirairo.[11]

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.[12]

Branches

As of May 208, Steward Bank maintained a network of branches at the following locations:[5]

  1. Kwame Nkrumah Branch: 101 Kwame Nkrumah Avenue, Harare
  2. Avondale Branch: 7 King George Road at Corner with Lanark Road, Avondale, Harare
  3. Eastgate Branch: Corner of Robert Mugabe Street and 3rd Street, Eastgate, Harare
  4. Joina City Branch: Upper Ground Floor, Joina City, Harare
  5. Bulawayo Branch: Corner of Fife Street and 11th Avenue, Bulawayo
  6. Gweru Branch: 124 Main Street, Gweru
  7. Mutare Branch: 49-51 Second Street, Mutare
  8. Masvingo Branch: 33 H. Chitepo Street, Masvingo.

See also

References
  1. Steward Bank (11 May 2018). "The Board of Directors Steward Bank". Harare: Steward Bank Limited. Retrieved 11 May 2018.
  2. Steward Bank (24 May 2017). "Audited Abridged Financial Statements for the Year Ended 28 February 2017" (PDF). Harare: Steward Bank Limited. Retrieved 11 May 2018.
  3. Reserve Bank of Zimbabwe (12 May 2018). "Profile and History of Seward Bank Limited". Harare: Reserve Bank of Zimbabwe. Retrieved 12 May 2018.
  4. Reserve Bank of Zimbabwe (11 May 2018). "List of Registered Banking Institutions". Harare: Reserve Bank of Zimbabwe. Retrieved 11 May 2018.
  5. Steward Bank (12 May 2018). "The Branches of Steward Bank Limited". Harare: Steward Bank Limited. Retrieved 12 May 2018.
  6. Google (12 May 2018). "Location of the headquarters of Steward Bank Limited, Harare, Zimbabwe" (Map). Google Maps. Google. Retrieved 12 May 2018.
  7. Charafambira, Kudzai (4 July 2013). "Steward Bank Restructures". Zimbabwe Daily News. Harare. Retrieved 11 May 2018.
  8. Zimbabwe Mail (12 February 2014). "Why Nyambirai sold TN Bank". Zimbabwe Business Daily News Quoting Zimbabwe Mail. Harare. Retrieved 11 May 2018.
  9. Samukange, Tinotenda (20 August 2013). "Lifestyle Holdings downsizes". NewsDay Zimbabwe. Harare. Retrieved 11 May 2018.
  10. Mhlanga, Phillimon (8 August 2013). "Steward Bank seeks break from Lifestyle". The Financial Gazette. Harare. Retrieved 11 May 2018.
  11. Steward Bank (1 June 2019). "Steward Bank confirms departure of CEO". Harare: Steward Bank Limited. Retrieved 14 September 2019.
  12. Newsday Zimbabwe (4 July 2013). "Steward Bank unveiled". NewsDay Zimbabwe. Harare. Retrieved 12 May 2018.

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