The transaction is waiting regulatory approval from the Securities Exchange Commission of Zimbabwe, the Zimbabwe Stock Exchange and the Reserve Bank of Zimbabwe.
Nyambirai told journalists Wednesday he was offered to divest from the bank and held meetings with Econet’s founder, Strive Masiyiwa.
Nyambirai had joined the Econet board in 1998.
“I have received an offer to buy out the remainder of my shareholding in TN Bank in exchange for shares in Econet Wireless. The result will be that TN Bank will become a 100% subsidiary of Econet Wireless,” Nyambirai said.
Econet had bought a 45% stake in TN Bank in July to help drive its mobile money transfer business, EcoCash. The shareholding cost US$20 million.
At an analyst briefing last month, Econet CEO Douglas Mboweni said the mobile operator had bought into TN Bank underlying its seriousness in driving the EcoCash business.
“To drive the initiative without interference, you have to take a strategic position, a position where you influence decision- making. By taking this significant stake, we are saying we are serious about EcoCash,” Mboweni said.