National Bank of Commerce (Tanzania)
National Bank of Commerce (Tanzania), whose full name is National Bank of Commerce (Tanzania) Limited, sometimes referred to as NBC (Tanzania), or as NBC (Tanzania) Limited, is a commercial bank in Tanzania. It is one of the commercial banks licensed by the Bank of Tanzania, the country’s central bank and the national banking regulator. In August 2019, the bank was fined 1 billion Tanzanian shillings ($435,000) because of the failure to establish a data center in the East African nation
Location
The headquarters of the bank and its main branch are located along Sokoine Drive, in Dar es Salaam, Tanzania’s financial capital and largest city. The geographical coordinates of the bank’s headquarters are: 06°49’04.0″S, 39°17’24.0″E (Latitude:-6.817778; Longitude:39.290000)
Overview
It is one of the oldest banks in the country tracing its roots as far back as Tanzanian independence. At the end of the year in 2015, the bank had an asset base of over US$773 million (TZS 1.69 trillion) and is the fourth-best capitalized commercial bank in the country, behind National Microfinance Bank, CRDB Bank, and FBME Bank.
At the end of 2017, Tanzania’s total banking assets were valued at TZS:29.97 trillion (US$13.2 billion). At the same time, the National Bank of Commerce (Tanzania) was reported to own 5.6 percent of all national banking assets, translating in TZS:1,768+ trillion (US$779+ million).
History
The bank traces its origins to 1967 when the Tanzanian Government nationalized financial institutions, including banks. In 1991, the banking industry was deregulated. Six years later, in 1997, the institution was then known as “NBC” was split into three separate entities: (a) NBC Holding Corporation (b) National Microfinance Bank (NMB), and (c) NBC (1997) Limited. In 2000, the South African banking group, Absa Group Limited, acquired a majority stake in NBC (1997) Limited. The Government of Tanzania retained a 30% shareholding and the International Finance Corporation (IFC), a member of the World Bank Group took up 15% of the shareholding in the bank. The new entity became known as the National Bank of Commerce (Tanzania) Limited
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