National Bank of Commerce (Tanzania)

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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 Increase Pretax: US$8.00 million
(TZS:17.5 billion) (2015)
Total assets Increase US$773+ million
(TZS:1.69 trillion) (2015)
Number of employees
1,240 (2015)
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] It is one of the oldest banks in the country tracing its roots to as far as Tanzanian independence.[2] At the end of the year in 2015 the bank had an asset base of over US$773 million (TZS 1.69 trillion) and is the fourth-best capitalized commercial bank in the country, behind National Microfinance Bank, CRDB Bank and FBME Bank.[3]

History[edit]

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.[4]

Merger[edit]

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]

Corporate affairs[edit]

Ownership[edit]

At the end of 2015 the bank maintained a shareholder's equity of approximately US$117.7 million (TZS:257 billion).[6] The current shareholding in NBC (Tanzania) is as depicted in the table below:[7]

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

Barclays Africa Group[edit]

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.[8] 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 re-branded to Barclays Africa Group.

Key people[edit]

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.[9]

Branch Network[edit]

As of December 2015, NBC Bank Tanzania maintains a branch network of 55 branches and numerous ATM's in most major cities and towns of the country.[10]

See also[edit]

References[edit]

  1. ^ "List of Licensed Commercial Banks In Tanzania". Bank of Tanzania. Retrieved 29 October 2014. 
  2. ^ "NBC Bank | NBC Bank Tanzania | NBC Bank Tanzania Africa | NBC Tanzania Africa | Banks". www.banks-tanzania.com. Retrieved 2016-08-09. 
  3. ^ Times, Reporter (13 December 2013). "Tanzania Banks' Total Assets Fell In Third Quarter". Business Times (Tanzania). Retrieved 29 October 2014. 
  4. ^ Mwakyusa, Alvar (29 October 2014). "Tanzania: TSh22 Billion NBC Debt to ABSA Will Be Paid, BOT Affirms". Business Daily (Tanzania). Retrieved 29 October 2014. 
  5. ^ Olingo, Allan (12 March 2016). "Barclays to merge Tanzania units, says it will not split Africa business". The EastAfrican. Nairobi. Retrieved 12 March 2016. 
  6. ^ "Balance Sheet, Income Statement & Cash Flow Statement". nbc.co.tz. National Bank of Commerce. 31 December 2015. Retrieved 9 August 2016. 
  7. ^ Times, Correspondent (25 February 2011). "Banking In Tanzania: What Makes NBC Limited Different". Business Times (Tanzania). Retrieved 29 October 2014. 
  8. ^ Absa, . (30 July 2013). "Absa Group Limited: Unaudited Condensed Consolidated Financial Results For The Interim Reporting Period Ended 30 June 2013" (PDF). Barclays Africa Group. Retrieved 29 October 2014. 
  9. ^ Udoh, Nse (10 September 2014). "Zambian Woman, Mizinga Melu, Gets Top Barclays Executive Post". © 2014 Zambia Reports via AllAfrica.com. Retrieved 29 October 2014. 
  10. ^ "Barclays | Branch / ATM Locator : National bank of Commerce". www.nbctz.com. Retrieved 2016-08-09. 

External links[edit]