BANK M Tanzania has started procedures to issue an Initial Public Offer (IPO) at the Dar es Salaam Stock Exchange (DSE) in a bid to raise additional capital of 50Billion to increase its core capital and get more funds to expand into Kenya. Bank M plans to enter the Kenyan Market by setting up a non-operating holding company in Nairobi.
“The capital plans are scheduled for the second and third quarter this year and subject for approval by the regulatory authorities,” said the Bank’s CEO Ms Woiso.
Bank M is expected to be the eighth bank to go public after the CRDB, National Microfinance Bank (NMB), DCB Commercial Bank listed at the main market segment while Mkombozi Bank, Mwalimu Bank, Maendeleo Bank and Yetu Microfinance Bank fall under the Enterprise Growth Market (EGM) of the Dar es Salaam Stock Exchange.
Ms Woiso also said that Bank M has a five year business plan of going into other regional markets by acquisitions within Tanzania and in Uganda, Zambia, Rwanda and other countries with good prospects.
In the first quarter, Bank M Tanzania registered superb 2016 first quarter performance after posting pre-tax profit of Tsh 7.4Billion compared to Tsh 6.13 Billion for the same period last year. Its Interest income was up 32 per cent to Tsh22.11 billion ($10.3 million) while non-interest income grew 15 per cent to Tsh6.6 billion ($3 m).
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