Econet Wireless Zimbabwe has taken 98 percent control of TN Bank after minority shareholders accepted a proposal to exchange their shares in the bank for Econet shares and cash.
Now Econet Wireless is a majority shareholder, it will now proceed in delisting TN Bank from the Zimbabwe Stock Exchange today (February 8), thus making it a subsidiary of Econet Wireless.
To complete the takeover, Econet Wireless said it is considering rebranding TN Bank, though it has not disclosed any official information regarding this despite having already changed the bank’s operating system.
“There are several strategies which Econet is planning for TN Bank and these include repositioning the bank’s corporate brand,” Ranga Mberi, Econet’s corporate communications manager toldBusiness Daily.
The rebranding of TN Bank is said to form a part of Econet’s efforts to bring banking operations in line with the mobile operator’s interests.
Mberi said Econet intends to expand the bank’s product profile and market share as well as the EcoCash mobile money transfer service.