The Capital Market and Securities Authority (CMSA) on December 28 approved the transfer of 174.5m NMB Bank Plc shares owned by Rabobank to Arise, a Norwegian foreign investment arm. The share transfer process was finalised on December 31, with Arise Chief Executive Officer Deepak Malik saying that the conclusion of the share transfer is a milestone for Arise.
“The organization’s core mandate is to partner with locally owned sustainable financial institutions to strengthen and develop effective, inclusive financial systems in Africa to contribute to economic growth and poverty reduction.
“Tanzania is a key investment destination in Sub-Saharan Africa for Arise and we are excited about the collaborative partnership with NMB, which is set to further advance financial inclusion,” he stated.
NMB Chief Executive Officer Ruth Zaipuna said the successful completion of the share transfer is a testament of investors’ confidence in NMB and the country at large.
‘’The collaborative partnership between Arise and NMB is envisaged to deliver substantial operational, commercial, organizational and financial benefits with long-term market returns that go beyond stakeholders’ expectations,’’ she emphasised.
NMB is Tanzania’s largest bank by assets on the basis of third quarter 2020 financial results data. Its total assets increased to a record 7.0 trn/- in the third quarter last year, up from 6.1trn/- realised at the third quarter in 2019.
NMB is also reputedly the most profitable bank in Tanzania, having recorded an impressive 145bn/- net profit in the quarter ended 30 September 2020, up from 82bn/-registered in third quarter of 2019. Read More...epaper.ippmedia.com