NIC Bank Tanzania

For other uses, see NIC Bank and NC Bank Uganda.
NIC Bank Tanzania
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, the second-largest economy in the East African Community. It is licensed by the Bank of Tanzania, the central bank and national banking regulator.[1]

Overview

NICBT is a medium-sized financial services provider in Tanzania. Its total assets 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 percent controlling shareholding.[2]

History

NICBT started as a non-bank financial institution in 1994. In 2004, following the issuance of a banking license by the Bank of Tanzania, the institution converted into a fully fledged commercial bank, under the SFCB name. In May 2009, NIC Bank, a large financial services provider based in Nairobi and traded on the Nairobi Stock Exchange, took a 51 percent shareholding position in SFCB.[3] During 2010, the Tanzanian subsidiary successfully re-branded to NICBT.[4][5]

Ownership

As of June 2015, NIC Bank owns 69.84 percent of the stock of NICBT.[6] The remaining shareholding is owned by other corporate entities and individuals, including the East African Development Bank.[7]

NIC Bank Tanzania Stock Ownership
Rank Name of OwnerPercentage Ownership
1 NIC Bank of Kenya 69.84
2 East African Development Bank
3 Others
Total100.00

NIC Bank Group

NIC Bank Kenya, together with its subsidiaries, which it owns wholly or partially, form the NIC Bank Group. The stock of the group is traded on the NSE under the symbol NINC.

Branch network

As of November 2014, the bank maintained branches at the following locations:[8]

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

See also

References

  1. ↑ BOT, . "Directory of Commercial Banks Operating In Tanzania". Bank of Tanzania (BOT). Retrieved 20 November 2014.
  2. ↑ Mbogo, Steve (22 February 2014). "NIC Bank Gives US$5.2 Million To Tanzania Subsidiary". The EastAfrican (Nairobi). Retrieved 20 November 2014.
  3. ↑ Tanzania Invest, . (24 August 2009). "NIC Bank Group Enters Tanzania Banking Sector". TanzaniaInvest.Com. Retrieved 20 November 2014.
  4. ↑ Magomba, Leonard (20 December 2010). "NIC Bank Acquires Savings And Finance, Invests $6m In SMEs". The EastAfrican (Nairobi). Retrieved 20 November 2014.
  5. ↑ Standard Reporter, . (7 August 2014). "NIC Shareholders Approve KSh2.1 Billion Cash Call To Fund Regional Growth". The Standard, Kenya (Nairobi). Retrieved 20 November 2014.
  6. ↑ Juma, Victor (7 June 2015). "NIC Eyes Earnings Boost With Kenya, Tanzania Units Buyouts". Business Daily Africa (Nairobi). Retrieved 8 June 2015.
  7. ↑ Ngigi, George (11 April 2013). "NIC Bank Lines Up KSh608 Million (US$7 Million) For Dar Subsidiary". Business Daily Africa (Nairobi). Retrieved 20 November 2014.
  8. ↑ Tanzania Today, . (February 2014). "NIC Bank Tanzania Receives TSh8.5 Billion Capital Boost: Funds To Support The Bank's Lending Capacity Targeted At Corporate And SME Market". TanzaniaToday.Co.Tz. Retrieved 20 November 2014.
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