NIC Bank Tanzania
Encyclopedia
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
. It is one of the twenty-nine (29) licensed commercial banks in the country.
. Its total asset valuation at the end of 2008 was less that US$40 million, with shareholders' equity valued at approximately US$4.8 million (TZS:7 billion) The bank is a subsidiary of NIC Bank
of Kenya
, which owns a 51% controlling shareholding. The East African Development Bank
is also a shareholder in NIC Bank Tanzania.
(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. During 2010, the Tanzanian subsidiary successfully re-branded to NIC Bank Tanzania
.
of Kenya
owns 51% of the stock
of NIC Bank Tanzania. The remaining 49% shareholding is owned by other corporate entities and individuals, including the East African Development Bank
.
{| style="font-size:100%;"
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| width="100%" align="center" | NIC Bank Tanzania Stock Ownership
|- valign="top"
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{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||NIC Bank
of Kenya
||51.00
|-
|2||East African Development Bank
||
|-
|3||Others ||
|-
| ||Total||100.00
|-
|}
Savings and Finance Commercial Bank
Savings and Finance Commercial Bank , commonly referred to as S&F Commercial Bank, or simply as S&F Bank, is a commercial bank in Tanzania. The bank also sometimes goes by the names: Savings and Financial Commercial Bank, Savings and Finance Bank or simply Savings and Finance...
(SFCB), 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 twenty-nine (29) licensed commercial banks in the country.
Overview
NIC Bank Tanzania is a small financial services provider in TanzaniaTanzania
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...
. Its total asset valuation at the end of 2008 was less that US$40 million, with shareholders' equity valued at approximately US$4.8 million (TZS:7 billion) The bank is a subsidiary of NIC Bank
NIC Bank
NIC Bank, whose full name is National Industrial Credit Bank, is a commercial bank in Kenya. It is one of the forty-four commercial banks licensed by the Central Bank of Kenya, the country's banking regulator.-Overview:...
of Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
, which owns a 51% controlling shareholding. The East African Development Bank
East African Development Bank
East African Development Bank is a development finance institution with the objective of promoting development in East Africa.-Overview:...
is also a shareholder in NIC Bank Tanzania.
History
NICBT started as a non-bank financial institutionNon-bank financial institution
A non-bank financial institution is a financial institution that does not have a full banking license or is not supervised by a national or international banking regulatory agency. NBFIs facilitate bank-related financial services, such as investment, risk pooling, contractual savings, and market...
(NBFI) in 1994. In 2004, following the issuance of a banking license 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 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
NIC Bank
NIC Bank, whose full name is National Industrial Credit Bank, is a commercial bank in Kenya. It is one of the forty-four commercial banks licensed by the Central Bank of Kenya, the country's banking regulator.-Overview:...
of Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
, a large financial services provider, based in Nairobi
Nairobi
Nairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, and traded on the Nairobi Stock Exchange
Nairobi Stock Exchange
The Nairobi Securities Exchange is the principal stock exchange of Kenya. It began in 1954 as an overseas stock exchange while Kenya was still a British colony with permission of the London Stock Exchange. The NSE is a member of the African Stock Exchanges Association...
, took a 51% shareholding position in SFCB. During 2010, the Tanzanian subsidiary successfully re-branded to NIC Bank Tanzania
NIC Bank Tanzania
National Industrial and Commercial Bank Tanzania Limited, commonly known as NIC Bank Tanzania , and formerly known as Savings and Finance Commercial Bank , is a commercial bank in Tanzania. It is one of the twenty-nine licensed commercial banks in the country.-Overview:NIC Bank Tanzania is a small...
.
Ownership
NIC BankNIC Bank
NIC Bank, whose full name is National Industrial Credit Bank, is a commercial bank in Kenya. It is one of the forty-four commercial banks licensed by the Central Bank of Kenya, the country's banking regulator.-Overview:...
of Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
owns 51% of the stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
of NIC Bank Tanzania. The remaining 49% shareholding is owned by other corporate entities and individuals, including the East African Development Bank
East African Development Bank
East African Development Bank is a development finance institution with the objective of promoting development in East Africa.-Overview:...
.
{| style="font-size:100%;"
|-
| width="100%" align="center" | NIC Bank 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||NIC Bank
NIC Bank
NIC Bank, whose full name is National Industrial Credit Bank, is a commercial bank in Kenya. It is one of the forty-four commercial banks licensed by the Central Bank of Kenya, the country's banking regulator.-Overview:...
of Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
||51.00
|-
|2||East African Development Bank
East African Development Bank
East African Development Bank is a development finance institution with the objective of promoting development in East Africa.-Overview:...
||
|-
|3||Others ||
|-
| ||Total||100.00
|-
|}
Branch Network
, the bank maintains branches at the following locations:- Main Branch - Harbour View Towers, Samora Avenue, Dar es SalaamDar es SalaamDar es Salaam , formerly Mzizima, is the largest city in Tanzania. It is also the country's richest city and a regionally important economic centre. Dar es Salaam is actually an administrative province within Tanzania, and consists of three local government areas or administrative districts: ...
- Arusha Branch - Central Plaza, Sokoine Road, ArushaArushaArusha is a city in northern Tanzania. It is the capital of the Arusha Region, which claims a population of 1,288,088, including 281,608 for the Arusha District . Arusha is surrounded by some of Africa's most famous landscapes and national parks...
- Mwanza Branch - 5 Nyerere Road, MwanzaMwanzaMwanza is a mid-sized port city on the southern shores of Lake Victoria in northwestern Tanzania. With an urban population of 1.2 million and a metropolitan population of 2 million, it is Tanzania's second largest city, following Dar es Salaam and ahead of other major Tanzanian cities of Arusha,...
External links
- Website of Bank of Tanzania
- Website of NIC Bank Tanzania
- List of Commercial Banks Operating In Tanzania
See also
- List of banks in Tanzania
- List of banks in Africa
- Bank of TanzaniaBank of TanzaniaThe Bank of Tanzania is the central bank of the United Republic of Tanzania. It is responsible for issuing the national currency, the Tanzanian shilling....
- Economy of TanzaniaEconomy of Tanzania- History :Significant measures have been taken to liberalize the Tanzanian economy along market lines and encourage both foreign and domestic private investment. Beginning in 1986, the Government of Tanzania embarked on an adjustment program to dismantle socialist economic controls and encourage...