Type Private Key people Mussa Assad(Chairman) Founded 2000 Parent organization Barclays Africa Group | Industry Financial Services Number of employees 1,240 | |
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Products Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages Revenue Pretax: US$8.00 million(TZS:17.5 billion) (2015) Total assets US$773+ million(TZS:1.69 trillion) (2015) | ||
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. It is one of the oldest banks in the country tracing its roots to as far as Tanzanian independence. 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.
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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 (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.
Merger
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.
Ownership
At the end of 2015 the bank maintained a shareholder's equity of approximately US$117.7 million (TZS:257 billion). The current shareholding in NBC (Tanzania) is as depicted in the table below:
Barclays Africa Group
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. 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
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.
Branch Network
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.