6 November 2018

Tanzania: NIC Bank Tanzania Appoints New Managing Director

Nairobi — NIC Group PLC has announced the appointment of Margaret Karume Kimuma as the Managing Director of NIC Bank Tanzania Limited.

Ms Kimuma who takes over from Mick Karima, the acting Managing Director, will transition to her new position on January 1, 2019.

She is the second female to assume a CEO role in a Tanzanian banking institution. A recent study undertaken in Tanzania indicates that only eight per cent of CEOs of large private companies and non-Government organizations are female.

NIC Group Managing Director John Gachora said Ms Kimuma's appointment followed an exhaustive interview process and has been approved by the Bank of Tanzania and other key regulatory authorities.

Until this appointment, she was Director of Credit Risk Management for NIC Group, responsible for evaluating credit risks and approvals, developing credit risk policies and developing people within the credit risk departments of the various subsidiaries.

Gachora said Mr. Karima will continue in his role as the acting Managing Director of NIC Bank Tanzania Limited until January 1 next year, before handing over.

"Margaret is a seasoned banker with twenty five years' of experience in the banking industry. Besides her credit risk management experience, she has a wealth of experience in corporate banking having built her career at both NIC Group plc and previously Barclays Bank Kenya," said Mr. Gachora.

NIC Group PLC entered the Tanzanian market after acquiring Savings and Finance Commercial Bank (SFCB) in 2009.

NIC Bank Tanzania Limited operates as a subsidiary of NIC Group plc and provides commercial banking products and services.

NIC Group Plc is a full-service bank with 43 branches in Kenya, five branches in Tanzania, three branches in Uganda and awarding-winning digital banking solutions in the region.

Listed on the Nairobi Securities Exchange (NSE) with approximately 26,000 shareholders, the Group's growth can be seen in the rapid expansion of its balance sheet and market capitalization.

The Group has also established Strategic Business Units that facilitate the provision of a complete suite of financial products and services. These are NIC Capital (Investment Bank); NIC Securities (Stock Brokerage); NIC Insurance Agents (Bancassurance) and NIC Leasing PLC.

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