Operating Banking Institutions

Steward Bank Limited

Head Office
Second Floor, 101 Union Avenue Building
101 Kwame Nkrumah Avenue
Telephone: +263 – 4 – 253 672 / 791 444 / 253 671
Fax: +263 – 4 – 253 673

Website: www.stewardbank.co.zw

Postal Address
P. O.Box 5220,

Type of bank: Commercial Bank

Date of establishment: January 1995

  •  The bank commenced operations as a small micro-finance company, Calmor (Private) Limited.
  • 2000 – as Trustfin. a Finance House.
  • February 2009 - Commercial Banking activities.


  • January 1995, The bank commenced operations as a small micro-finance company, Calmor (Private) Limited.
  • 1997, Trust Merchant Bank Limited (TMB) acquired 40% shareholding in Calmor and subsequently changed its name to Trustfin.
  • 2000 - 2004, Trustfin was registered as a finance house in 2000. In 2001, the company was 100% owned by Trust Holdings (THL). Trustfin remained operational when Trust Bank was placed curatorship in 2004.
  • August 2006, TN Financial Holdings (Private) Limited acquired 75% Trustfin equity.
  • March 2008, Trustfin’s licence upgraded to a commercial banking licence.
  • February 2009,  The institution commenced commercial banking activities following a pre-opening inspection by the Reserve Bank.
  • December 2009, TN Holdings is formed after a reverse takeover of Tedco by TN Financial Holdings Limited (TNFHL).
  • January 2010, Tedco changed its name to TN Holdings Limited (TNHL) and is subsequently listed on the Zimbabwe Stock Exchange (ZSE).
  • May 2012, TNHL obtained regulatory approval to demerge TN Bank from the holding company.
  • July 2012, TNHL held an EGM on 5 July 2012 which approved the demerger transaction, listing of the bank separately on the ZSE on 11 July 2012 and changing the holding company’s name to Lifestyle Holdings Limited (LHL). Econet Wireless Zimbabwe Limited (EWZ) injected $20 million capital into TN Bank (which constituted 45% equity in TN Bank).
  • January 2013, Reserve Bank approved TN Bank’s application for the acquisition of the remaining shareholding (55%) in TN Bank by EWZ, through an offer to purchase additional TN Bank shares, resulting in EWZ owning 97.96% of TN Bank.
  • February 2013, TN Bank delisted from the ZSE.
  • June 2013, EWZ acquired the remaining 1.4% shareholding in TN Bank held by minority shareholders resulting in EWZ holding 100% equity in TN Bank Limited.
  • June 2013, Reserve Bank approved the change of name of TN Bank Limited to Steward Bank Limited.

Ownership: Econet Wireless Zimbabwe Limited (EWZ) - 100%

Chairman: Mr. Bernard Chidzero

Chief Executive Officer: Dr. Lance Mambindiani

Auditors : Ernst & Young Chartered Accountants

Number of employees: 325

Number of branches : 9