Telecommunications company Econet Wireless officially rebranded its banking subsidiary from TN Bank to Steward Bank yesterday.
HumanIPO reported in February Econet Wireless had acquired 98 per cent control of TN Bank following the majority of shareholders accepting a proposal to exchange their shares in the bank for Econet shares and cash.
According to a report by the Herald Online, the recently rebranded Steward Bank was recapitalised at US$75 million against the minimum regulatory threshold capital of US$50 million.
Kwanele Ngwenya, chief executive officer (CEO) of Steward Bank, said the bank exceeded the minimum threshold of June 2013.
“As you know, we are 100 per cent owned by Econet Wireless. I am happy to say that the Bank is well capitalised to the tune of US$75,1 million as at February 2013,” the Herald Online quoted Ngwenya as saying.