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Econet appoints SA Banker as new TN Bank CEO

Kwanele Ngwenya
Kwanele Ngwenya, new TN Bank CEO

We just received a statement from Econet announcing the appointment of South Africa banker, Kwanele Ngwenya, as CEO of it’s newly acquired financial institution, TN Bank. Ngwenya was Director of Commercial Segment at First National Bank’s (FNB) Botswana operation.

Econet has said previously that it acquired the bank to drive adoption of its telecoms products and today reiterated its desire to introduce a new model of banking that leverages the telecoms operations. Part of that new model of business is the financing of smartphones that Econet announced last month.

Here’s the full release below:

Econet Wireless has appointed Mr Kwanele Ngwenya, a South African who was heading the operations of First National Bank (FNB) in Botswana, as the new CEO of TN Bank.

Mr Ngwenya, a veteran banker, was head hunted by an international agency after Econet decided that it wants to turn TN Bank into one of the leading banks in the country. The telecoms operator wants to introduce a new model of banking in the country which uses the synergies of its telecoms business.

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, Mr Tawanda Nyambirai, in December last year. A new team of international bankers have been brought onto the bank’s board.

Also gone from the bank are almost all the key former executives, including former CEO George Nyashanu, who has been re-assigned within Econet Wireless Services.

Meanwhile, an overwhelming majority of the TN Bank shareholders accepted the offer by the telecoms group to buy them out of TN Bank Limited. According to preliminary returns, 96% of the minority shareholders accepted the Econet offer; 99% of those shareholders who accepted the offer opted for shares rather than cash.

image via FNB Botswana

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4 thoughts on “Econet appoints SA Banker as new TN Bank CEO

  1. Sucks how my overpriced internet tarrifs now also have to contribute to a new CEOs paycheck. Guess no price reduction in site 🙁

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