HomeBusinessSteward Bank appoints acting CEO

Steward Bank appoints acting CEO


STEWARD Bank has appointed Lance Shingai Mambondiani at the helm in an acting capacity as it searches for a substantive chief executive to replace Kwanele Ngwenya.


Ngwenya is leaving the bank at the end of the month after he opted not to renew his contract.

In a statement, Steward Bank board chairman Oluwatomisin Fashina said the process of appointing a substantive chief executive officer “is currently underway, and an announcement will be made once finalised”.

Mambondiani joined Steward Bank in July last year as Strategy, Business Development and E-Banking Executive.

“In this role he contributed to the overall strategic direction of the business as directed by the Board and was team leader in the development of the bank’s new products and channels,” Fashina said.

Mambondiani has over 12 years’ banking and financial sector experience across several markets including the United Kingdom, South Africa, Botswana and Zimbabwe.

Steward Bank is a wholly owned subsidiary of Econet Wireless Zimbabwe.

Formerly TN Bank, the bank was last year rebranded into Steward Bank last year.

In the half year ended August 31 2014, Steward Bank narrowed its loss after tax to $3,7 million from $22 million on the back of ongoing business model re-alignment that has resulted in retrenchments.

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