Newly branded Steward Bank (formerly TN Bank) is upbeat it will meet the Reserve Bank of Zimbabwe (RBZ) minimum capital threshold of US$100 million by June 2014, a bank official said.
Addressing journalists this week during the official rebranding ceremony of the bank in the capital, Steward Bank CEO Kwanele Ngwenya said the bank was well capitalised to the tune of US$75 million and was optimistic to meet the full RBZ capital requirement by mid-2014.
Banks were supposed to be capitalised to the tune of US$50 million at the end of June.
“I am glad to announce than TN bank is officially changing its name to Steward Bank. Our Journey started in July 2012 when we acquired 45% of the bank, and as we speak the new 55% was acquired. We have come to be one of the most capitalised banks in Zimbabwe,” said Ngwenya.
The minimum capital thresholds set by RBZ governor Gideon Gono in August last year require commercial banks to raise their capital to at least US$100 million by June 2014.
Merchant banks are required to have a US$100 million capital level by June 2014 while the minimum capital required for building societies was set at US$80 million.
Ngwenya said the rebranding exercise represented a special opportunity for the bank and new corporate identity premised on a primary goal to shape a financial institution which will build confidence among shareholders.
The bank switched from the old blue and gold colours to purple which management said represents dignity, wealth and integrity.
“Our new bank and brand highlight that we are passionate, innovative we look forward to create relevant situation in the market. Our fiduciary responsibility is to steward customer’s finances,” he said.
It also aims to create a new banking habit and behaviour while it is looking forward to provide great ranch of products and services.
The bank seeks to consolidate and rationalise its branch network and focus on rebranding all its 24 branches. Econet Wireless Zimbabwe is the main shareholder.