ECONET Wireless chairman Tawanda Nyambirai has stepped down from his position after selling his entire shareholding in TN Bank to the mobile phone operator. The buyout deal means that  Nyambirai becomes a minority shareholder in Econet Wireless while TN Bank becomes a subsidiary of the mobile telecommunications group.

The transaction is, however, yet to get regulatory approvals from the Reserve Bank of Zimbabwe, the Zimbabwe Stock Exchange and the Securities Commission of Zimbabwe.

Prior to the transaction Econet Wireless held a 45 percent stake in TN Bank while Mr Nyambirai owned the bulk of the remaining shareholding. The TN Bank founder has, however, been offered a seat on the board of Econet Wireless Global.