Tanzania: NCBA Bank Announces New Managing Director and CEO

NCBA's Bank Tanzania Board members have appointed Ms Margaret Karume as the Managing Director and Chief Executive Officer (CEO) -designate of NCBA Bank (T) from 8th July 2020 when the bank officially starts operations.

Ms Karume who is currently the Managing Director of NIC Bank Tanzania is a seasoned banker with 27 years brings with her strong experience and knowledge in finance and business development. She also brings her credit risk management experience, and corporate banking experience having built her career at both NIC Group and previously Barclays Bank Kenya (now ABSA Bank).

"This is a new chapter for the two banks. I am looking forward to work with like-minded teams to create a strong financial institution in Tanzania. The new institution will reflect both banks' values and mission, borrowing from the best of both and building a bigger and better new organization to deliver more value for our customers and stakeholders," said Ms Karume.

Confirming the appointment, the NCBA Board Chairperson - designate, Mr Sharmapal Aggarwal congratulated Ms Karume on her appointment to lead NCBA Bank Tanzania Ltd which will start operating after merging NIC BANK Tanzania Ltd and CBA Tanzania.

"We recognize her extensive banking experience and applaud her renewed commitment to the Bank. We firmly believe that she is the right person to steer the NCBA Bank team in ushering in a fresh new era of sustainable growth and greatness for all our stakeholders in Tanzania and across the African continent," he said.

Aggarwal also revealed that Mr Gift Shoko, who is the current CEO of CBA Bank (T) will sit on the NCBA Bank Tanzania Board as an Executive Director taking the role of Executive Director of Retail, Corporate and Digital Business-designate.

"Bringing both banks together allows us to grow into being a bigger player in the digital space. As technology advances, we are seeing technology playing a greater role in driving financial inclusion in Tanzania, East Africa and the continent as a whole. We have the tools, resources and personnel to take the lead in this field," said Mr Shoko.


NCBA Bank (T) Limited is a result of the merger of NIC Bank (T) Limited and CBA Bank (T) Limited. The merger follows through the successful acquisition of the majority of the assets and all of the liabilities of CBA by NIC. The Notice of Transfer of Assets and Liabilities was published in the Government Gazette on 17th January 2020 (as GN No.48) and in leading local newspapers. The Notice of Transfer of Assets and Liabilities was issued in line with section 4 of the Transfer of Businesses (Protection of Creditors) Act, Cap 327 R.E 2002.

The issuance of a banking license by The Bank of Tanzania paves the way for the two organizations to start operating as NCBA Bank (T) Ltd officially.

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