Steward Bank Limited has initiated the process to change its name to TN Cybertech Bank Limited, according to a public notice issued last week, signalling what could be a significant repositioning in Zimbabwe's financial services sector.
The notice, issued in line with the Companies and Other Business Entities Act [Chapter 24:31], states that the bank has applied to the Registrar of Companies for approval of the name change, with a 14-day waiting period required before any change is effected.
"Notice is hereby given in terms of the Companies and Other Business Entities Act (Chapter 24:31) that application be made not less than 14 days from the date of this notice, to the Registrar of Companies, for his approval to change the following company name: Steward Bank Limited (Company No. 919/70) to TN Cybertech Bank Limited," reads the official statement.
The move appears to be a full-circle moment for the bank, which originally operated as TN Bank, founded by businessman and lawyer Tawanda Nyambirai, before it was acquired by Econet Wireless Zimbabwe and later rebranded as Steward Bank.
Reacting to the public interest surrounding the proposed name change, Nyambirai took to X (formerly Twitter), acknowledging the buzz but distancing himself from making any official statements on behalf of the bank or its parent company, EcoCash Holdings Limited.
"A legal notice on the change of name of Steward Bank Limited has generated a lot of interest here on X. I do not have the authority to speak for the bank or for EcoCash Holdings Limited," he said.
He stressed the importance of respecting corporate governance processes, especially for publicly listed entities.
"These companies have their governance structures and processes that must be followed. Unfortunately, the rapid development of social media has not been matched by the evolution of corporate governance structures and processes," Nyambirai said.
He added that any name change for a listed company like Steward Bank would involve issuing circulars to shareholders and obtaining approvals from the Zimbabwe Stock Exchange (ZSE).
"We shall seek the authority of the Zimbabwe Stock Exchange to publish an update on the name changes. The update shall seek to answer some of the questions that have been raised."
On the significance of the new name, TN Cybertech, Nyambirai adopted a philosophical view, likening it to globally known brands that gained credibility through performance, rather than the name alone.
"All I can say for now is that a name, looked at in abstract, might be meaningless. But the way the owner of the name carries his or her name will give a lot of meaning to the name."
"The present generation would have demanded that Henry Wells and William Fargo change their names first, before they named their bank, Wells Fargo, after themselves. But the way the bank has carried its name has created a lot of equity around the brand."
Industry observers suggest that the name change may herald a new strategic focus on digital banking, fintech integration, or a return to a more locally defined identity, amid shifts in Zimbabwe's banking landscape.
More clarity is expected in coming weeks, pending official statements from the bank, regulatory bodies, and the stock exchange.
- byo24news
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