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Changes at Steward Bank as Nyambirai makes a comeback
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EcoCash Holdings has announced changes to its board following businessman Tawanda Nyambirai's recent acquisition of a controlling stake in the company.
The development comes after a major restructuring last year, which saw Econet Wireless taking over EcoCash's mobile money business, along with VAYA Technologies, Econet Insurance, Econet Life, MARS Zimbabwe, and Maisha Health. The shake-up left Steward Bank as the sole remaining subsidiary under EcoCash Holdings.
Confirming the latest development, Nyambirai expressed optimism about the future of Steward Bank under his leadership.
"I am happy that I have now bought Steward Bank back and look forward to continued support from everyone," he stated in a social media post.
Details of the transaction, including the financial aspects of the deal, have not yet been disclosed.
Nyambirai originally founded the bank in 2001 under the name TN Bank before selling it to Econet Wireless in 2013 as part of a bailout agreement. His reacquisition of Steward Bank marks a significant shift in Zimbabwe's financial landscape, with analysts closely watching how the bank will be positioned under his leadership.
EcoCash Holdings has yet to release an official statement regarding the full scope of the board changes and how they will impact the company's strategic direction.
The development comes after a major restructuring last year, which saw Econet Wireless taking over EcoCash's mobile money business, along with VAYA Technologies, Econet Insurance, Econet Life, MARS Zimbabwe, and Maisha Health. The shake-up left Steward Bank as the sole remaining subsidiary under EcoCash Holdings.
Confirming the latest development, Nyambirai expressed optimism about the future of Steward Bank under his leadership.
Details of the transaction, including the financial aspects of the deal, have not yet been disclosed.
Nyambirai originally founded the bank in 2001 under the name TN Bank before selling it to Econet Wireless in 2013 as part of a bailout agreement. His reacquisition of Steward Bank marks a significant shift in Zimbabwe's financial landscape, with analysts closely watching how the bank will be positioned under his leadership.
EcoCash Holdings has yet to release an official statement regarding the full scope of the board changes and how they will impact the company's strategic direction.
Source - NewzWire
