banner68
banner58

BoT approves historic union of two financial institutions

“The new bank, after the merger, will retain the name “TPB Bank Plc”. All customers, employees, assets and liabilities of Twiga Bancorp Ltd will...

BoT approves historic union of two financial institutions

“The new bank, after the merger, will retain the name “TPB Bank Plc”. All customers, employees, assets and liabilities of Twiga Bancorp Ltd will...

16 May 2018 Wednesday 16:44
BoT approves historic union of two financial institutions

By Azania Post Reporter

TANZANIA will tomorrow May 17, witness again the merger of two financial institutions the Bank of Tanzania (BoT) has announced.

A similar incident happened more than ten years ago when Cost Finance merged with Furaha Finance to form CF Union bank.

Speaking to reporters in Dar es Salaam today, the BoT Deputy Governor (Financial Stability and financial deepening) Dr. Bernard Kibesse, said the approved institutions are Twiga Bancorp Ltd and TPB Bank Plc

He said the measure has been taken to improve the oversight and performance of banks owned by Tanzania government.

“The new bank, after the merger, will retain the name “TPB Bank Plc”. All customers, employees, assets and liabilities of Twiga Bancorp Ltd will be transferred to the new TPB Bank Plc,” he said.

He assured the public that BoT will continue to protect the interests of depositors and maintain the stability of the banking sector in the country.

The Bank of Tanzania put Twiga Bancorp Ltd under statutory management effective from October 26, 2016 following its undercapitalisation status.

According to the Central Bank , the merger, therefore, marks the end of BoT’s statutory management of all affairs of Twiga Bancorp Ltd effective from tomorrow .

It also makes the new TPB Bank Plc adequately capitalised as required by Section 17 of the Banking and Financial Institutions Act, 2006.

Azania Post

Updated: 16.05.2018 17:04
Comments
Avatar
Your Name
Post a Comment
Characters Left:
Your comment has been forwarded to the administrator for approval.×
<strong>Warning!</strong> Will constitute a criminal offense, illegal, threatening, offensive, insulting and swearing, derogatory, defamatory, vulgar, pornographic, indecent, personality rights, damaging or similar nature in the nature of all kinds of financial content, legal, criminal and administrative responsibility for the content of the sender member / members are belong.