Tanzania: NMB Completes Acquisition of China Commercial Bank

Dar es Salaam — National Microfinance Bank Plc has today Thursday March 4, completed the acquisition of all assets and liabilities of China Commercial Bank, the central bank has announced.

Bank of Tanzania Governor Florens Luoga in exercising its powers under section 58(1)(g)(i) and(iii)of the banking and financial institutions act of 2006, the bank on November 19, 2020 was placed under administration in order to determine the best resolution to its regulatory challenges.

"As a result normal business operations of the bank were suspended for a period of 90 days to determine the appropriate resolution option," he said.

He noted that as per the mandate of BoT under section 58(4)of the banking and financial institution act 2006 the process of determining the resolution option of the bank has been completed and transfer of assets and liabilities has been opted as solution.

"Depositors and creditors of the bank will be advised in due course how and when they will commence accessing banking services through NMB Bank plc," he said.

He noted that borrowers are required to continue paying their loans as per terms and conditions.

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