Operating Banking Institutions

Standard Chartered Bank Limited

Head Office
2nd Floor, Old Mutual Centre,
Corner Third Street/Jason Moyo Avenue,
Telephone: +263 - 4- 253801-7, 752864/8, 752852/9
Fax: +263 - 4- 758076
Telex: 22115 SCBHAR ZW 26090/26325

Website: www.standardchartered.com

Postal Address
P.O.Box 373,

Type of bank: Commercial Bank

Date of establishment: 1892


  • 1853 -Chartered Bank is incorporated in England by the Royal Charter.
  • 1862-Standard Bank is incorporated under the banner Standard Bank of British South Africa Limited.
  • 1892-Standard Bank established a pioneering presence in Zimbabwe (then Southern Rhodesia). The first 'branch' was located in a bell tent in Bulawayo.
  • 1901 -The bank expanded into Malawi
  • 1906-The bank expands operations to Zambia
  • 1911-Operations are extended to Kenya
  • 1962- Standard Bank of South Africa Limited was renamed The Standard Bank Limited, and transferred its South African business to a locally incorporated subsidiary which retained the former name.
  • Standard Bank of South Africa Limited lists on the Johannesburg Stock Exchange
  • 1965-Growth of the bank was boosted by the acquisition of the Bank of West Africa in 1965 with more than 90 branches in Nigeria, Ghana, Sierra Leone and Gambia
  • 1969-Standard Chartered Zimbabwe in its present form arose from a merger of Standard Bank and Chartered Bank in 1969.
  • 1983-In 1983, the bank was locally incorporated. Prior to that, Standard Chartered Bank Zimbabwe Limited operated as a branch. Two other group companies previously operated in Zimbabwe Standard Chartered Merchant Bank of Zimbabwe Limited and Standard Chartered Finance Zimbabwe Limited were registered as financial institutions. The former’s operations were absorbed into the commercial bank and the accepting house licence surrendered. The latter company was disposed off to the Zimbabwe Development Bank (ZDB).


  • Standard Chartered Holdings ( Africa ) 88%
  • Standard Chartered Holdings (International) 3%
  • Standard Chartered Bank Plc UK 9%

Chairman: Mr. S. Rushwaya

Chief Executive Officer: Mr. R. Watungwa

Auditors : KPMG Chartered Accountants

Number of employees: 645

Number of branches : 21

Steward Bank Limited

Head Office
Second Floor, 101 Union Avenue Building
101 Kwame Nkrumah Avenue
Telephone: +263 – 4 – 253 672 / 791 444 / 253 671
Fax: +263 – 4 – 253 673

Website: www.stewardbank.co.zw

Postal Address
P. O.Box 5220,

Type of bank: Commercial Bank

Date of establishment: January 1995

  •  The bank commenced operations as a small micro-finance company, Calmor (Private) Limited.
  • 2000 – as Trustfin. a Finance House.
  • February 2009 - Commercial Banking activities.


  • January 1995, The bank commenced operations as a small micro-finance company, Calmor (Private) Limited.
  • 1997, Trust Merchant Bank Limited (TMB) acquired 40% shareholding in Calmor and subsequently changed its name to Trustfin.
  • 2000 - 2004, Trustfin was registered as a finance house in 2000. In 2001, the company was 100% owned by Trust Holdings (THL). Trustfin remained operational when Trust Bank was placed curatorship in 2004.
  • August 2006, TN Financial Holdings (Private) Limited acquired 75% Trustfin equity.
  • March 2008, Trustfin’s licence upgraded to a commercial banking licence.
  • February 2009,  The institution commenced commercial banking activities following a pre-opening inspection by the Reserve Bank.
  • December 2009, TN Holdings is formed after a reverse takeover of Tedco by TN Financial Holdings Limited (TNFHL).
  • January 2010, Tedco changed its name to TN Holdings Limited (TNHL) and is subsequently listed on the Zimbabwe Stock Exchange (ZSE).
  • May 2012, TNHL obtained regulatory approval to demerge TN Bank from the holding company.
  • July 2012, TNHL held an EGM on 5 July 2012 which approved the demerger transaction, listing of the bank separately on the ZSE on 11 July 2012 and changing the holding company’s name to Lifestyle Holdings Limited (LHL). Econet Wireless Zimbabwe Limited (EWZ) injected $20 million capital into TN Bank (which constituted 45% equity in TN Bank).
  • January 2013, Reserve Bank approved TN Bank’s application for the acquisition of the remaining shareholding (55%) in TN Bank by EWZ, through an offer to purchase additional TN Bank shares, resulting in EWZ owning 97.96% of TN Bank.
  • February 2013, TN Bank delisted from the ZSE.
  • June 2013, EWZ acquired the remaining 1.4% shareholding in TN Bank held by minority shareholders resulting in EWZ holding 100% equity in TN Bank Limited.
  • June 2013, Reserve Bank approved the change of name of TN Bank Limited to Steward Bank Limited.

Ownership: Econet Wireless Zimbabwe Limited (EWZ) - 100%

Chairman: Mr. Bernard Chidzero

Chief Executive Officer: Dr. Lance Mambindiani

Auditors : Ernst & Young Chartered Accountants

Number of employees: 325

Number of branches : 9