Experienced South African banker, Kwanele Ngwenya, has stepped down from his position as CEO of Steward Bank Zimbabwe, which is owned by pan-African telecoms giant Econet Wireless, after just two years of service.

Kwanele, who saw his two-year contract expire this week, is expected to venture into private business.

The veteran banker, who previously worked for Old Mutual, Nedbank and Saambou in South Africa, was head hunted by Econet from FNB Botswana where he was director of commercial segments on a two year contract.

“The Board of Directors of Steward Bank announced Thursday that Mr Kwanele Ngwenya has indicated his desire not to renew his contract as Chief Executive Officer. Mr Ngwenya will step down from his position at the expiry of his contract on January 31, 2015,” said Steward Bank chairman Tomisin Fashina in a statement.

“We are grateful for Kwanele’s leadership during his tenure as Chief Executive Officer, during which he oversaw Steward Bank’s successful rebranding and transformation into one of the country’s leading banks,” added Fashina. “We wish him all the best in the next phase of his career.”

The Board will appoint an executive in an acting capacity pending the appointment of a substantive chief executive officer.

By George Mpofu