This archive report was first published on 15 June 2020.
On June 15, 2020, the Bank of Tanzania and the Fair Competition Commission gave their approval for the transfer of assets from Commercial Bank of Africa (Tanzania) Limited (CBA) to NIC Bank Tanzania Limited (NIC).
NIC will assume all obligations and rights of the assets transferred from CBA, as well as all liabilities existing between CBA and its customers and creditors.
According to Margaret Karume, Managing Director of NIC Tanzania, the merged entity will be named NCBA Bank Tanzania Limited upon satisfaction of all regulatory requirements.
The proposed amalgamation between the two banks follows the merger between the parent companies Commercial Bank of Africa Ltd and NIC Group Plc in Kenya, and the subsequent launch of NCBA Group PLC. A similar integration has been effected in Uganda.
