- National Bank of Commerce (Tanzania)
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For other banks called National Bank of Commerce, see National Bank of Commerce.
National Bank of Commerce (Tanzania) Type Private Industry Financial Services Founded 2000 Headquarters Dar es Salaam, Tanzania Key people Mussa Assad, Chairman, Lawrence Mafuru, Managing Director[1] Products Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages Revenue 
Aftertax:US$1.48 million (TZS:2.2 billion) (2010)[2]Total assets US$987 million (TZS:1.47 trillion) (2010)[3] Employees 1,600+ (2009) Website Homepage 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 national banking regulator.[4]
Contents
Overview
As of December 2010[update], NBC (Tanzania) was a large financial services provider in Tanzania, with an an estimated asset valuation of approximately US$987 million (TZS:1.47 trillion), and shareholders equity of approximately US$103 million (TZS:153.1 billion), according to the bank's website.
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 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.[5]
Ownership
The current shareholding in NBC (Tanzania) is as depicted in the table below: [6]
National Bank of Commerce (Tanzania) Stock Ownership Rank Name of Owner Percentage Ownership 1 Absa Group Limited of South Africa 55.0 2 Government of Tanzania 30.0 3 International Finance Corporation 15.0 4 TOTAL 100.0 Absa Group Limited
The Amalgamated Banks of South Africa or ABSA or Absa, is the largest consumer banking group in South Africa. It controls assets in excess of US$102 billion, as of December 2009.[7]
In addition to its vast businesses inside South Africa, Absa 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.
Branch Network
As of September 2010, NBC (Tanzania) maintains a vast branch network covering large cities and small towns across the whole country.[8] The number of branches maintained by the bank exceeds 90. [9]
Key people
Dr. Mussa Assad is the Chairman of the Board. Lawrence Mafuru, was appointed Managing Director of NBC (Tanzania) Limited, effective June 1, 2010. Prior to that, he served as Head of Treasury at NBC (Tanzania).[10]
External links
See also
- Absa Group Limited
- List of banks in Tanzania
References
- ^ Key People At NBC (Tanzania) Limited
- ^ Aftertax Profit For 2010
- ^ December 2010 Financial Statements
- ^ List of Licensed Commercial Banks In Tanzania
- ^ History of NBC Tanzania
- ^ Shareholding In NBC (Tanzania) Limited
- ^ Absa Financial Booklet 2009
- ^ Branch Network of NBC (Tanzania) Limited
- ^ NBC (Tanzania) maintains over 90 Branches
- ^ Lawrence Mafuru Appointed Managing Director Effective June 01, 2010
Categories:- Banks of Tanzania
- Dar es Salaam
- Economy of Tanzania
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