15 January 2019

Tanzania: BoT Okays Merger of Bank M With Azania Bank

Dar es Salaam — The Central Bank of Tanzania (BOT) has authorized the merger of Bank M and Azania Bank Limited with effect from January 2, 2019.

This was revealed on Tuesday, January 15, 2019 by BoT deputy governor for financial stability and deepening Benard Kibese.

As it happens, all customers, employees, assets, and liabilities of Bank M will be transferred to Azania Bank.

Bank M was put under Statutory Management of the Bank of Tanzania with effect from August 2, 2018 following the liquidation challenge.

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