Steward Bank, whose official name is Steward Bank Limited, is a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

Zimbabwe Zimbabwe (), officially the Republic of Zimbabwe, is a landlocked country located in Southeast Africa, between the Zambezi and Limpopo Rivers, bordered by South Africa to the south, Botswana to the south-west, Zambia to the north, and Mozam ...

. It is one of the regulated banking institutions licensed by the

Reserve Bank of Zimbabwe The Reserve Bank of Zimbabwe is the central bank of Zimbabwe and is headquartered in the capital city Harare. History The bank traces its history to the Reserve Bank of Rhodesia, founded on 22 May 1964, but which succeeded the Bank of Rhodesia ...

, the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

and national banking regulator.

Location

The headquarters and main branch of Steward Bank are located at 79 Livingstone Avenue, in

Harare Harare (; formerly Salisbury ) is the capital and most populous city of Zimbabwe. The city proper has an area of 940 km2 (371 mi2) and a population of 2.12 million in the 2012 census and an estimated 3.12 million in its metropolitan ...

, the capital and largest city of Zimbabwe. 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).

Overview

The bank is a medium-sized

retail bank Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...

in Zimbabwe. , the total asset valuation of the bank was US$226,058,440, with shareholders' equity of US$75,046,584. 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.

History

The bank was established in 2013, as a

. 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. In July 2012

Econet Wireless Econet, officially known as Econet Global Ltd, is a diversified telecommunications group with operations and investments in Africa, Europe, South America and the East Asia Pacific Rim, offering products and services in the core areas of mobile ...

, 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. 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 A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...

, creating a new corporate logo, launching a new website and relocating its branches away from Lifestyle Holdings locations. In June 2019, Dr. Lance Mambondiani resigned and was replaced by former

CFO The chief financial officer (CFO) is an officer of a company or organization that is assigned the primary responsibility for managing the company's finances, including financial planning, management of financial risks, record-keeping, and financ ...

, Kris Chirairo.

Ownership

During 2012 and early 2013,

the largest communications company in Zimbabwe, whose shares are listed on the

Zimbabwe Stock Exchange The Zimbabwe Stock Exchange, or ZSE, is the official stock exchange of Zimbabwe. Its history dates back to 1896 but has only been open to foreign investment since 1993. The exchange has about a dozen members, and currently lists 63 equities. The ...

, 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.

Branches

As of May 208, Steward Bank maintained a network of branches at the following locations: # Livingstone Branch: 79 Livingstone Avenue,

# Avondale Branch: 7 King George Road at Corner with Lanark Road, Avondale, Harare # Eastgate Branch: Corner of Robert Mugabe Street and 3rd Street, Eastgate, Harare # Joina City Branch: Upper Ground Floor,

Joina City Joina City is the 3rd tallest building in Zimbabwe standing at 105 metres (behind the Rerseve Bank of Zimbabwe (120m) and NRZ Headquarters (110m). It is owned bMasawara Investments The building has the single largest lift and escalator installati ...

, Harare # Bulawayo Branch: Corner of Fife Street and 11th Avenue,

Bulawayo Bulawayo (, ; Ndebele: ''Bulawayo'') is the second largest city in Zimbabwe, and the largest city in the country's Matabeleland region. The city's population is disputed; the 2022 census listed it at 665,940, while the Bulawayo City Council cl ...

# Gweru Branch: 124 Main Street,

Gweru Gweru is a city in central Zimbabwe. Near the geographical centre of the country. It is on the centre of Midlands Province. Originally an area known to the Northern Ndebele people, Ndebele as "The Steep Place" because of the Gweru River's high ...

# Mutare Branch: 49-51 Second Street,

Mutare Mutare (formerly Umtali) is the most populous city in the province of Manicaland, and the third most populous city in Zimbabwe, having surpassed Gweru in the 2012 census, with an urban area, urban population of 224,802 and approximately 260,567 ...

# Masvingo Branch: 33 H. Chitepo Street,

Masvingo Masvingo is a city in south-eastern Zimbabwe and the capital of Masvingo Province. The city is situated close to Great Zimbabwe, the national monument from which the country takes its name and close to Lake Mutirikwi, its recreational park, th ...

References

External links

Website of Steward Bank

Website of Econet Wireless

Website of Reserve Bank of Zimbabwe
{{coord, 17, 49, 38, S, 31, 03, 11, E, display=title Banks of Zimbabwe Banks established in 2009 2009 establishments in Zimbabwe Companies based in Harare