Bank M

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Bank M
Private
Industry Financial Services
Founded 2007; 11 years ago (2007)
Headquarters Dar es Salaam, Tanzania
Key people
Nimrod Mkono
Chairman
Jacqueline Woise
Chief Executive Officer[1]
Products Loans, Checking, Savings, Investments, Debit Cards
Revenue Increase Pretax: US$8.04 million (TZS:12.66 billion) (2012)[2]
Total assets TSh1.05 trillion (US$461.4 million) (2016)[3]
Number of employees
213+ (2012)
Website www.bankm.co.tz.

Bank M is a commercial bank in Tanzania. It is licensed by the Bank of Tanzania, the country's central bank and national banking regulator, to engage in commercial banking.[4]

Location[edit]

The headquarters and main branch of Bank M are located at the Bank M Building, at 8 Barack Obama Drive (former Ocean Road), in the city of Dar es Salaam, th large city and financial capital of Tanzania.[5] The geographical coordinates of the headquarters of the bank are: 06°48'09.0"S, 39°17'12.0"E (Latitude:-6.802500; Longitude:39.286667).[6]

Overview[edit]

The bank is a medium-sized financial services provider in Tanzania. It provides financial services to individuals, small to medium enterprises, and large corporations. As of June 2013, the bank's total asset base was valued at about US$336.2 million (TZS:532 billion).[7][8]

History[edit]

The bank received its commercial banking license from the Bank of Tanzania in February 2007 and opened for business in July of the same year. Its authorized capital is approximately US $17 million (Tanzania shillings: 25 billion), of which US $6.3 million (TZS:9.3 billion) had been paid up as of October 2010.[9]

Ownership[edit]

Prior to its placement into premiership in August 2018, the stock of the bank was owned by the following individuals and corporate entities.[1]

Bank M Stock Ownership
Rank Name of Owner Percentage Ownership
1 Vimal Mehta 16.03
2 Equity & Allied Limited 12.17
3 Sean Patrick Breslin 11.63
4 Africarriers Limited 11.00
5 Sanjeev 10.53
6 Noble Azania Investment Limited 7.30
7 Khaskar Nair 7.09
8 Sumaria Properties Limited 4.87
9 Simon & Roisin Gregory 4.45
10 Pride Tanzania Limited 3.46
11 Ramesh Patel 3.26
12 Gissings Directors Pension Scheme 2.47
13 Shiva Sanjeev Kumar 1.42
14 Caitrin Breslin 0.90
Total 100.00
  • Note: Totals may be slightly off due to rounding.

Branch Network[edit]

As of November 2014, Bank M maintains branches in the following locations, with a view to expand to other areas of Tanzania: (1) Main Branch - 8 Barak Obama Drive, Dar es Salaam (2) Nyerere Road Branch - 27-28 Nyerere Road, Dar es Salaam (3) Kisutu Street Branch - 29 Kisutu Street, Dar es Salaam (4) Uhuru Street Branch - 27 Uhuru Street, Dar es Salaam (5) Arusha Branch - 29 East Joel Maeda Road, Arusha (6) Mwanza Branch - 62W Capri Point, Mwanza.[10]

Receivership[edit]

On 2 August 2018, the Bank of Tanzania, seized Bank M, dismissed its board of directors and senior managers and appointed an administrator; thus placing the lender under "receivership", on account of failure to meet liquidity requirements. A decision on the way forward is expected in the next 90 days.[11][12]

See also[edit]

References[edit]

  1. ^ a b The Citizen Reporter (3 August 2018). "This Is Who Owned Bank M". The Citizen (Tanzania). Dar es Salaam. Retrieved 5 August 2018. 
  2. ^ Daily Times Reporter (10 January 2013). "Bank M Operating Profit Up 41 Per Cent". Tanzania Daily News (Dar es Salaam). Retrieved 8 November 2014. 
  3. ^ Kamndaya, Samuel (3 August 2018). "The surprise fall of Bank M". The Citizen (Tanzania). Dar es Salaam. 
  4. ^ Bank of Tanzania (30 June 2017). "Directory of Commercial Banks Operating In Tanzania as of 30 June 2017" (PDF). Dar es Salaam: Bank of Tanzania. Retrieved 8 May 2018. 
  5. ^ Bloomberg LP (6 July 2016). "Company Overview of Bank M Tanzania Plc". Bloomberg LP. Retrieved 8 May 2018. 
  6. ^ Google (8 May 2018). "Location of the headquarters of Bank M Tanzania Limited" (Map). Google Maps. Google. Retrieved 8 May 2018. 
  7. ^ Mwamunyange, Joseph (3 August 2013). "Bank M Joins Tanzania's Top 10 Banks". The EastAfrican (Nairobi). Retrieved 8 November 2014. 
  8. ^ Daily News Reporter (29 July 2013). "Bank M Assets Expand, Hit Half Trillion". Tanzania Daily News (Dar es Salaam). Retrieved 8 November 2014. 
  9. ^ Elinaza, Abduel (7 October 2010). "Tanzania: Bank M Posts TSh1.48 Billion Quarterly Profit". Tanzania Daily News (Dar es Salaam) via AllAfrica.com. Retrieved 8 November 2014. 
  10. ^ "The Branches of Bank M Tanzania". Bank M Tanzania (BMT). 2014. Retrieved 8 November 2014. 
  11. ^ Kidanka, Christopher (2 August 2018). "Tanzania's Bank M Placed Under Receivership". The EastAfrican. Nairobi. Retrieved 2 August 2018. 
  12. ^ Ngugi, Brian (3 August 2018). "Tanzanian buyer of Kenya's Oriental Bank in trouble". Business Daily Africa. Nairobi. Retrieved 3 August 2018. 

External links[edit]