National Bank of Commerce (Tanzania)

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For other banks called National Bank of Commerce, see National Bank of Commerce.
NBC (Tanzania) Limited
Private
Industry Financial Services
Founded 2000
Headquarters Dar es Salaam, Tanzania
Key people
 Mussa Assad
(Chairman)
Products Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages
Revenue IncreasePreax:US$8.96 million (TZS:14.3 billion) (2013)
Total assets US$994+ million (TZS:1.587 trillion) (2013)
Number of employees
 1,300+ (2012)
Slogan "Conveniently Everywhere"
Website www.nbctz.com

National Bank of Commerce (Tanzania), whose full name is National Bank of Commerce (Tanzania) Limited, sometimes referred to as NBC (Tanzania), or as NBC (Tanzania) Limited, is a commercial bank in Tanzania. It is one of the commercial banks licensed by the Bank of Tanzania, the country's central bank and the national banking regulator.[1]

Overview

As of December 2013, NBC (Tanzania) was a large financial services provider in Tanzania, with an estimated asset valuation of approximately US$994 million (TZS:1.587 trillion), and shareholders' equity of approximately US$120.4 million (TZS:195 billion). At that time, it was the fourth-best capitalized commercial bank in the country, behind National Microfinance Bank, CRDB Bank and FBME Bank.[2]

History

The bank traces its origins to 1967 when the Tanzanian Government nationalized financial institutions, including banks. In 1991, the banking industry was deregulated. Six years later, in 1997, the institution then known as "NBC" was split into three separate entities: (a) NBC Holding Corporation (b) National Microfinance Bank (NMB) and (c) NBC (1997) Limited. In 2000, the South African banking group Barclays Africa Group, at that time known as Absa Group Limited, acquired a majority stake in NBC (1997) Limited. The Government of Tanzania retained a 30% shareholding and the International Finance Corporation (IFC), a member of the World Bank Group took up 15% shareholding in the bank. The new entity became known as National Bank of Commerce (Tanzania) Limited.[3]

Ownership

The current shareholding in NBC (Tanzania) is as depicted in the table below:[4]

National Bank of Commerce (Tanzania) Stock Ownership
Rank Name of Owner Percentage Ownership
1 Barclays Africa Group 55.0
2 Government of Tanzania 30.0
3 International Finance Corporation 15.0
4 TOTAL 100.0

Merger

As at March 2016, Barclays Bank Plc. is seeking regulatory approval in Tanzania to merge this bank with Barclays Bank Tanzania in which Barclays maintains a controlling interest.[5]

Barclays Africa Group

The Barclays Africa Group, formerly known as Absa Group Limited, is the largest consumer banking group in South Africa. It controls assets in excess of US$77 billion (ZAR:841.33 billion), as of June 2013.[6] In addition to its vast businesses inside South Africa, the Group owns subsidiaries operating in various parts of Africa, including majority shareholding in businesses in Angola, Mozambique and Tanzania, as well as minority interests in businesses in Namibia and Zimbabwe. In 2013, Absa Group Limited rebranded to Barclays Africa Group.

Branch Network

As of October 2014, NBC Bank Tanzania maintains a branch network at the following locations:[7]

Key people

Dr. Mussa Assad is the Chairman of the Board. The current Managing Director of NBC (Tanzania) Limited, has not been publicly announced. Ms Mizinga Melu, who was appointed effective May 20, 2013, was reassigned on 1 October 2014.[8]

See also

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3

References

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External links


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