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 Bank of Tanzania, the central bank and national banking regulator.[1]

Overview

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]

History

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

Ownership

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.[6]

NIC Bank Tanzania Stock Ownership
Rank Name of OwnerPercentage Ownership
1NIC Bank of Kenya68.9
2East African Development Bank
3Others
Total100.00

NIC Bank Group

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:[7]

  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[8]

Branch Network

As of November 2014, the bank maintains branches at the following locations:[9]

  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. ↑ 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.
  7. ↑ Waiswa, Baz (10 November 2014). "NIC Bank Puts Aside $134 Million for Expansion". East African Business Week (Kampala). Retrieved 20 November 2014.
  8. ↑ Nation Correspondent, . (29 April 2012). "NIC To Open Uganda Branch In Growth Drive". Daily Nation (Nairobi). Retrieved 20 November 2014.
  9. ↑ 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.

External links