NIC Bank Tanzania

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For other uses, see NIC Bank and NC Bank Uganda.
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
Total assets US$110.3 million (2013)
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 commercial banks in the country, licensed by Bank of Tanzania, the central bank and national banking regulator.[1]

Overview[edit]

NIC Bank Tanzania is a medium-sized financial services provider in Tanzania. Its total asset valuation at the end of 2013 was approximately US$110.3 million. The bank is a subsidiary of NIC Bank of Kenya, which owns a 68.9% controlling shareholding.[2] The East African Development Bank is also a shareholder in NIC Bank Tanzania.

History[edit]

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).[3]

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.[4][5] During 2010, the Tanzanian subsidiary successfully re-branded to NIC Bank Tanzania.[6] [7]

Ownership[edit]

NIC Bank of Kenya owns 68.9% of the stock of NIC Bank Tanzania. The remaining shareholding is owned by other corporate entities and individuals, including the East African Development Bank.[8]

NIC Bank Tanzania Stock Ownership
Rank Name of Owner Percentage Ownership
1 NIC Bank of Kenya 68.9
2 East African Development Bank
3 Others
Total 100.00

NIC Bank Group[edit]

NIC Bank Kenya, together with its subsidiaries, which it owns, either wholly or partially, form the NIC Bank Group. The stock of the group is traded on the Nairobi Stock Exchange, under the symbol: NINC. Members companies of the group include the following:[9]

  1. NIC Bank - Retail banking - Nairobi, Kenya Kenya 100% Shareholding
  2. NIC Capital - Investment banking - Nairobi, Kenya Kenya 100% Shareholding
  3. NIC Capital Securities - Securities brokerage - Nairobi, Kenya Kenya - 100% Shareholding
  4. NIC Bank Tanzania - Retail banking - Dar es Salaam, Tanzania Tanzania 51% Shareholding
  5. NC Bank Uganda - Retail banking - Kampala, Uganda Uganda 100% Shareholding[10]

Branch Network[edit]

As of February 2011, the bank maintains branches at the following locations:[11]

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

External links[edit]

See also[edit]

References[edit]