NIC Bank Tanzania

"NIC Bank Tanzania" redirects here. For NIC Bank, see NIC Bank.

NIC Bank Tanzania

Type	Private
Industry	Financial Services
Founded	1994
Headquarters	Dar es Salaam, Tanzania
Key people	Abdulsultan Hasham Jamal, Chairman James Muchiri, Managing Director
Products	Loans, Checking, Savings, Investments, Debit Cards
Revenue	Pretax: US$953,000 (2007)[1]
Total assets	US$39 million (2008)[2]
Website	Homepage

National Industrial and Commercial Bank Tanzania Limited, commonly known as NIC Bank Tanzania (NICBT), and formerly known as Savings and Finance Commercial Bank (SFCB), is a commercial bank in Tanzania. It is one of the twenty-nine (29) licensed commercial banks in the country.^[3]

Overview

NIC Bank Tanzania is a small financial services provider in Tanzania. Its total asset valuation at the end of 2008 was less that US$40 million, with shareholders' equity valued at approximately US$4.8 million (TZS:7 billion)^[4] The bank is a subsidiary of NIC Bank of Kenya, which owns a 51% controlling shareholding. The East African Development Bank is also a shareholder in NIC Bank Tanzania.

History

NICBT started as a non-bank financial institution (NBFI) in 1994. In 2004, following the issuance of a banking license by the Bank of Tanzania, the country's banking regulator, the institution converted into a fully fledged commercial bank, under the name Savings and Finance Commercial Bank (SFCB).^[5]

In May 2009, NIC Bank of Kenya, a large financial services provider, based in Nairobi, and traded on the Nairobi Stock Exchange, took a 51% shareholding position in SFCB.^[6][7] During 2010, the Tanzanian subsidiary successfully re-branded to NIC Bank Tanzania.^{[8] [9]}

Ownership

NIC Bank of Kenya owns 51% of the stock of NIC Bank Tanzania. The remaining 49% shareholding is owned by other corporate entities and individuals, including the East African Development Bank.^[10]

NIC Bank Tanzania Stock Ownership

Rank Name of Owner Percentage Ownership 1 NIC Bank of Kenya 51.00 2 East African Development Bank 3 Others Total 100.00 Branch Network As of February 2011[update], the bank maintains branches at the following locations:[11] Main Branch - Harbour View Towers, Samora Avenue, Dar es Salaam Arusha Branch - Central Plaza, Sokoine Road, Arusha Mwanza Branch - 5 Nyerere Road, Mwanza External links Website of Bank of Tanzania Website of NIC Bank Tanzania List of Commercial Banks Operating In Tanzania See also List of banks in Tanzania List of banks in Africa Bank of Tanzania Economy of Tanzania References ^ S&F Bank December 2007 Pretax Profit ^ December 2008 Asset Valuation ^ List of Licensed Commercial Bank In Tanzania ^ December 2008 Balance Sheet ^ History of NICBTZ ^ NIC Bank Buys Controlling Interest In SFCB ^ Bank of Tanzania Approves NIC Bank Takeover ^ NIC Bank Acquires Savings and Finance, Invests $6 Million In SMEs ^ NICBT Is Subsidiary of NIC Bank of Kenya ^ Shareholding In NIC Bank Tanzania ^ Branches of NIC Bank Tanzania