History
The bank was established in 2013, as a commercial bank. 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.[2][7]
In July 2012 Econet Wireless, 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 divestiture from TN Bank, TN Holdings Limited rebranded to Lifestyle Holdings Limited.[8]
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, creating a new corporate logo, launching a new website and relocating its branches away from Lifestyle Holdings locations.[9]
In June 2019, Dr. Lance Mambondiani resigned and was replaced by former Econet Wireless CFO, Kris Chirairo.[10]
