National Bank of Commerce (Tanzania)
Encyclopedia
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
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...

 in Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...

. It is one of the commercial banks licensed by the Bank of Tanzania
Bank of Tanzania
The Bank of Tanzania is the central bank of the United Republic of Tanzania. It is responsible for issuing the national currency, the Tanzanian shilling....

, the national banking regulator.

Overview

, NBC (Tanzania) was a large financial services provider in Tanzania, with an an estimated asset valuation of approximately US$987 million (TZS:1.47 trillion), and shareholders equity of approximately US$103 million (TZS:153.1 billion), according to the bank's website.

History

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
National Microfinance Bank
National Microfinance Bank , is a commercial bank in Tanzania. It is one of the commercial banks licensed by the Bank of Tanzania, the national banking regulator.-Overview:...

 (NMB) and (c) NBC (1997) Limited. In 2000, the South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...

n banking group Absa Group Limited
Absa Group Limited
The Absa Group Limited is the largest consumer bank in South Africa.- Overview :Absa is based in Johannesburg and listed on the JSE Limited and is one of South Africa's largest financial institutions...

 acquired a majority stake in NBC (1997) Limited. The Government of Tanzania retained a 30% shareholding and the International Finance Corporation
International Finance Corporation
The International Finance Corporation promotes sustainable private sector investment in developing countries.IFC is a member of the World Bank Group and is headquartered in Washington, D.C., United States....

 (IFC), a member of the World Bank Group
World Bank Group
The World Bank Group is a family of five international organizations that makes leveraged loans, generally to poor countries.The Bank came into formal existence on 27 December 1945 following international ratification of the Bretton Woods agreements, which emerged from the United Nations Monetary...

 took up 15% shareholding in the bank. The new entity became known as National Bank of Commerce (Tanzania) Limited.

Ownership

The current shareholding in NBC (Tanzania) is as depicted in the table below:
{| style="font-size:100%;"
|-
| width="100%" align="center" | National Bank of Commerce (Tanzania) Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Absa Group Limited
Absa Group Limited
The Absa Group Limited is the largest consumer bank in South Africa.- Overview :Absa is based in Johannesburg and listed on the JSE Limited and is one of South Africa's largest financial institutions...

 of South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...

|| 55.0
|-
|2||Government of Tanzania|| 30.0
|-
|3||International Finance Corporation
International Finance Corporation
The International Finance Corporation promotes sustainable private sector investment in developing countries.IFC is a member of the World Bank Group and is headquartered in Washington, D.C., United States....

 || 15.0
|-
|4|| TOTAL||100.0
|-
|}

Absa Group Limited

The Amalgamated Banks of South Africa or ABSA
ABSA
ABSA may refer to:* ABSA Cargo Airline, a cargo airline* Absa Group Limited, the largest consumer bank in South Africa* African Baseball & Softball Association* Australian Bird Study Association, an ornithological organization...

 or Absa
ABSA
ABSA may refer to:* ABSA Cargo Airline, a cargo airline* Absa Group Limited, the largest consumer bank in South Africa* African Baseball & Softball Association* Australian Bird Study Association, an ornithological organization...

, is the largest consumer banking group in South Africa. It controls assets in excess of US$102 billion, as of December 2009.

In addition to its vast businesses inside South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...

, Absa
ABSA
ABSA may refer to:* ABSA Cargo Airline, a cargo airline* Absa Group Limited, the largest consumer bank in South Africa* African Baseball & Softball Association* Australian Bird Study Association, an ornithological organization...

 owns subsidiaries operating in various parts of Africa
Africa
Africa is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...

, including majority shareholding in businesses in Angola
Angola
Angola, officially the Republic of Angola , is a country in south-central Africa bordered by Namibia on the south, the Democratic Republic of the Congo on the north, and Zambia on the east; its west coast is on the Atlantic Ocean with Luanda as its capital city...

, Mozambique
Mozambique
Mozambique, officially the Republic of Mozambique , is a country in southeastern Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi and Zambia to the northwest, Zimbabwe to the west and Swaziland and South Africa to the southwest...

 and Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...

, as well as minority interests in businesses in Namibia
Namibia
Namibia, officially the Republic of Namibia , is a country in southern Africa whose western border is the Atlantic Ocean. It shares land borders with Angola and Zambia to the north, Botswana to the east and South Africa to the south and east. It gained independence from South Africa on 21 March...

 and Zimbabwe
Zimbabwe
Zimbabwe is a landlocked country located in the southern part of the African continent, between the Zambezi and Limpopo rivers. It is bordered by South Africa to the south, Botswana to the southwest, Zambia and a tip of Namibia to the northwest and Mozambique to the east. Zimbabwe has three...

.

Branch Network

As of September 2010, NBC (Tanzania) maintains a vast branch network covering large cities and small towns across the whole country. The number of branches maintained by the bank exceeds 90.

Key people

Dr. Mussa Assad is the Chairman of the Board
Chairman of the Board
The Chairman of the Board is a seat of office in an organization, especially of corporations.Chairman of the Board may also refer to:*Chairman of the Board , a 1998 film*Chairmen of the Board , a 1970s American soul music group...

. Lawrence Mafuru, was appointed Managing Director of NBC (Tanzania) Limited, effective June 1, 2010. Prior to that, he served as Head of Treasury at NBC (Tanzania).

External links

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
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