Mandela's daughter leaves Steward Bank

HARARE - Makaziwe Mandela, the eldest daughter of late South Africa’s first black president Nelson Mandela, has resigned from Steward Bank’s board.

She was nominated to sit on the board in July 2012 after Strive

Masiyiwa’s Econet Wireless Zimbabwe acquired a majority stake in the bank, formerly TN Bank.

Steward Bank’s chairperson Oluwatomisin Fashina said Makaziwe made an invaluable contribution to the institution at a critical juncture in its evolution, but did not give reasons for her departure.

She resigned during the financial year to February 2014.

Econet acquired a 45 percent equity stake in then TN Bank in 2012 and made a subsequent offer to shareholders in January last year that saw the telecommunications group increasing its shareholding to 98,6 percent.

Following TN Bank’s demerger from Tawanda Nyambirai’s Lifestyle Holdings, Econet instituted board and management changes and later rebranded it to Steward Bank.

Makaziwe had joined the board as an independent director along with

Ghanaian Kwaku Akosah-Bempah and Canadian Guy Pearce.

Meanwhile, the bank incurred a $26,4 million loss during the year under review on the back of non recurring operating expenditure incurred during the ongoing business re-alignment process.

“The bank also incurred costs related to its rebranding exercise, closure of marginal bank branches as well as the de-commissioning of redundant ICT infrastructure to pave way for new technologies aligned to the new business model,” said Fashina.

Net interest income declined to $3,8 million from $11,2 million achieved in prior year due to reduced lending and a reduction in interest rates on outstanding loans.

Non-interest income went down to $5 million from $10, 4 million achieved in prior comparable period owing to reduced account activity and the resultant re-classification of inactive bank accounts.

Loans and advances relating to furniture loans stood at $10,3 million during the period under review from $48,3 million while net operating loss remained almost stagnant at $11 million.

The transformation of the bank’s business model has largely been driven by Econet’s EcoCashSave mobile account which has grown to 1,1 million customers.

Fashina said this has made Steward Bank the largest financial institution in the country by the number of depositors.
 

 

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