Econet Wireless has appointed Kwanele Ngwenya, a South African who was heading the operations of First National Bank (FNB) in Botswana, as the new CEO of TN Bank.
Business Reporter
He takes over from former CEO George Nyashanu, who has been re-assigned within Econet Wireless Services.
The development follows the takeover of the bank by the mobile telecommunications company after the majority of TN Bank shareholders accepted the offer by the telecoms group to buy them out of TN Bank Limited.
In a statement, Econet said Ngwenya, a veteran banker, was head hunted by an international agency as it moves to turn TN Bank into one of the leading banks in the country.
“Econet has already made sweeping changes at the bank, after taking control a few months ago. Changes have already been made at board level, after the resignation from the bank’s board of founder Tawanda Nyambirai in December last year.
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A new team of international bankers has been brought onto the bank’s board,” Econet said.