The listing follows Thursday’s approval by the parent company’s shareholders to demerge the bank from parent company, TN Holdings. This comes after Econet acquired 45% in the bank in a US$20 million deal.
Popularly known as Maki, Makaziwe is the daughter of Mandela and his first wife, Evelyn Ntoko Mase. She will join the board as an independent director alongside Ghanaian Kwaku Akosa-Bemba and Canadian Guy Pearce.
Four other non executive directors—Tracy Mpofu, John Gould, Roy Chimanikire and Joyce Mudavanhu—will join the expanded board, which now has 16 members. The proposed appointments onto the board are subject to approval from the Registrar of Bank.
According to founder, Tawanda Nyambirai, TN Bank will be one of the top banks in terms of service and market share.
To drive that vision, George Nayshanu, returns to the bank as CEO.Nyashanu was the bank’s founding MD but was elevated to the position of the group’s chief finance officer.
Nyashanu’s return relegates Never Zirobwa to the post of deputy CEO. Zirobwa was the CEO before the Econet deal.
TN Bank was registered as a commercial bank in 2008 pursuant to the approval of the change in name and conversion of a finance house licence held by its predecessor, Trust Finance.
The bank currently has 27 fully operational branches across the country and targets to open 16 more branches in the key economic centres of the country.
Of the US$20 million obtained from the sale to Econet, US$2,5 million would be deployed in T24 new banking software.
The bank will also buy 1 000 point of sale machines valued at US$280 000, install 20 Automated Teller Machines at a cost of US$1,1 million. The rollout of the 16 branches is expected to chew US$6,1 million.