African investment company, Arise B.V. has acquired a 34.9% stake initially owned by Rabobank, in NMB Bank, which is listed on DSE (Dar es Salaam Stock Exchange) in Tanzania.
The Capital Market and Securities Authority (CMSA) in Tanzania had already approved the transfer of 174,500,000 NMB Bank shares to Arise, which specializes in partnering with sustainable, locally-owned financial services providers in Sub -Saharan Africa. The share transfer process was completed on 31st December 2020.
According to Q3 2020 financial results, NMB is Tanzania’s largest bank by assets, its total assets having increased to a record TZS 7.0 Trillion up from TZS 6.1 Trillion in Q3 2019. It is also the most profitable bank in the country, recording TZS 145 billion net profit in the quarter ended 30th September 2020 up from TZS 82 Billion registered in 2019.
The organization’s mission is to partner with local, sustainable financial institutions in order to develop and strengthen effective, inclusive financial systems in Africa, thus contributing to economic growth and poverty reduction.
Arise B.V. Chief Executive Officer, Deepak Malik
Arise’s long-term investment seeks to support NMB’s future growth aspirations, spurring economic growth and citizens’ prosperity through increased financial inclusion, and the growth of Retail, Small Medium Enterprises (SMEs) Agriculture sectors. Arise also seeks to support the growth and development of NMB through providing amongst others access to international standards of best practice and expertise across an array of business areas.
See Also:
