NCBA Bank Tanzania

NCBA Bank Tanzania Limited,a merged bank between Commercial Bank of Africa Tanzania and NIC Tanzania, It is a commercial bank in Tanzania licensed by the Bank of Tanzania, the central bank and national banking regulator.[1]

For other uses, see NCBA Group Plc.
NCBA Bank Tanzania
Private
IndustryBanking
Founded1970 (1970)
HeadquartersDar es Salaam, Tanzania
Key people
Abdulsultan Hasham Jamal (Chairman), James Muchiri (Managing Director)
ProductsLoans, Transaction accounts, Savings, Investments, Debit Cards
Total assetsUS$110.3 million (2013)
Websitetz.ncbagroup.com

NCBA Bank Tanzania is a medium-sized financial services provider in Tanzania. Its total assets at the end of 2013 was approximately US$110.3 million. The bank is a subsidiary of NCBA Group Plc of Kenya, which owns a 68.9 percent controlling shareholding.[2]

History

The institution started as a non-bank financial institution in 1994. In 2004, following the issuance of a banking license by the Bank of Tanzania, the institution converted into a fully fledged commercial bank, under the SFCB name. In May 2009, NIC Bank, a large financial services provider based in Nairobi and traded on the Nairobi Stock Exchange, took a 51 percent shareholding position in SFCB.[3] During 2010, the Tanzanian subsidiary successfully re-branded to NIC Bank Tanzania.[4][5]

Ownership

As of June 2015, NIC Bank owns 69.84 percent of the stock of NICBT.[6] The remaining shareholding is owned by other corporate entities and individuals, including the East African Development Bank.[7]

NIC Bank Tanzania Stock Ownership
RankName of OwnerPercentage Ownership
1NIC Bank of Kenya69.84
2East African Development Bank
3Others
Total100.00

NCBA Group

In September 2019, NIC Bank Group received regulatory approval from the Central Bank of Kenya, to merge with Commercial Bank of Africa, forming the NCBA Group Plc, effective 1 October 2019. In due course, subject to the approval of the Bank of Tanzania, NIC Bank Tanzania and Commercial Bank of Africa (Tanzania) will merge to form NCBA Bank Tanzania.[8]

Branch network

As of November 2014, the bank maintained branches at the following locations:[9]

  1. Main Branch - Ohio Street, Dar es Salaam
  2. Samora Avenue Branch - Harbour View Towers, Samora Avenue, Dar es Salaam
  3. Arusha Branch - Central Plaza, Sokoine Road, Arusha
  4. Mwanza Branch - 5 Nyerere Road, Mwanza
  5. Kahama Branch - Kahama

See also

References
  1. Bank of Tanzania (September 2019). "Directory of Commercial Banks Operating In Tanzania". Dar es Salaam: Bank of Tanzania. Retrieved 28 September 2019.
  2. Steve Mbogo (22 February 2014). "NIC Bank Gives US$5.2 Million To Tanzania Subsidiary". The EastAfrican. Nairobi. Retrieved 28 September 2019.
  3. Tanzania Invest (24 August 2009). "NIC Bank Group Enters Tanzania Banking Sector". TanzaniaInvest.Com. Retrieved 20 November 2014.
  4. Leonard Magomba (20 December 2010). "NIC Bank Acquires Savings And Finance, Invests $6 Million In SMEs". The EastAfrican. Nairobi. Retrieved 20 November 2014.
  5. Standard Reporter (7 August 2014). "NIC Shareholders Approve KSh2.1 Billion Cash Call To Fund Regional Growth". The Standard (Kenya). Nairobi. Retrieved 20 November 2014.
  6. Juma, Victor (7 June 2015). "NIC Eyes Earnings Boost With Kenya, Tanzania Units Buyouts". Business Daily Africa (Nairobi). Retrieved 8 June 2015.
  7. Ngigi, George (11 April 2013). "NIC Bank Lines Up KSh608 Million (US$7 Million) For Dar Subsidiary". Business Daily Africa (Nairobi). Retrieved 20 November 2014.
  8. George Obulutsa (27 September 2019). "Kenya Central Allows Merger of Lenders NIC and CBA Group". Reuters.com. Retrieved 30 September 2019.
  9. Tanzania Today, . (February 2014). "NIC Bank Tanzania Receives TSh8.5 Billion Capital Boost: Funds To Support The Bank's Lending Capacity Targeted At Corporate And SME Market". TanzaniaToday.Co.Tz. Retrieved 20 November 2014.CS1 maint: numeric names: authors list (link)
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