Steward Bank to fly solo in Econet restructure

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STEWARD Bank is set to become a standalone listed entity as its parent, EcoCash Holdings, prepares to transfer its non-banking assets back to Econet Wireless Zimbabwe (Econet).

This move marks the latest chapter in a multi-year saga of separation and specialisation within the Econet group.
Five years after spinning off EcoCash — then known as Cassava SmartTech — in 2018 to create a dedicated fintech powerhouse, Econet is now poised to further untangle its web of subsidiaries.
Negotiations between the two entities, first announced in mid-January, initially shrouded the specific assets under consideration. However, this week’s filings with the Zimbabwe Stock Exchange (ZSE) have shed light on the full scope of the proposed transfer, revealing that EcoCash would ultimately retain only Steward Bank.
Under the proposed scheme, Econet would receive the transferred non-banking assets in exchange for its own shares, which could then be distributed to EcoCash shareholders.