Exim Bank Tanzania has completed the acquisition of assets and liabilities of First National Bank (FNB) Tanzania Limited as it ups its expansion plan domestically and regionally.
The move comes almost nine months after Exim Bank Tanzania signed the offer to acquire certain assets and liabilities of FNB Tanzania on 26th October 2021.
The signing paved the way for regulators to start scrutinising the deal, compelling the Fair Competition Commission (FCC) to start looking for stakeholders’ inputs.
Exim Bank’s Chief Executive Officer Mr Jaffari Matundu says that regulators, including the Bank of Tanzania (BoT), have okayed the deal and that clients with First National Bank are now banking with Exim Bank.
This is the second acquisition by Exim Bank Tanzania after that of UBL Tanzania which was sealed three years ago.