The NIC Bank Tanzania limited, (NIC) will today (June 15) acquire the majority of assets and all of the liabilities from Commercial Bank of Africa (Tanzania) Limited (CBA).
The implementation of the transfer of assets follows approvals by the Bank of Tanzania and the Fair Competition Commission. NIC says that they are in the process of concluding other regulatory conditions which once completed will see;
- NIC assume all obligations and rights of the assets transferred from CBA
- NIC assume all liabilities existing between CBA and its customers and creditors
NIC Tanzania MD, Margaret Karume says that 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.
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