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| Ms Margaret Karume. |
Dar es Salaam. NIC BANK Tanzania Ltd and CBA Tanzania Ltd are in the final stages of concluding the merger that will see the two institutions operate as NCBA Bank Tanzania Ltd. The Board members have appointed Ms Margaret Karume as the Managing Director & Chief Executive Officer –designate of NCBA Bank (T) from 8th July 2020 when the Bank officially starts operations.
Ms Karume is the current Managing Director of NIC Bank Tanzania and brings 27 years of renowned banking experience.
“This is a new chapter for the two banks. I am looking forward to work with like-minded teams to create a strong financial institution in Tanzania. The new institution will reflect both banks’ values and mission, borrowing from the best of both and building a bigger and better new organisation to deliver more value for our customers and stakeholders,” said Ms Karume.
Previously, Ms Karume, a seasoned banker and an exemplary leader who has risen through the corporate ranks, worked at NIC Bank Group in Kenya as Executive Director of Credit Risk. Ms Karume, brings with her strong experience and knowledge in finance and business development. Besides her credit risk management experience, she has a wealth of experience in corporate banking having built her career at both NIC Group plc and previously Barclays Bank Kenya(now ABSA Bank).
She holds a Global Executive MBA and BSc. She attained her International Business Administration mark from the United States International University (USIU) - Africa and holds a Diploma in Customer Relationship Management from the Institute of Financial Services (U.K). She is also an Associate of the Kenya Institute of Bankers.
Confirming the appointment, the NCBA Board Chairperson – designate, Mr Sharmapal Aggarwal congratulated Ms Karume on her appointment.
‘We recognise her extensive banking experience and applaud her renewed commitment to the Bank. We firmly believe that she is the right person to steer the NCBA Bank team in ushering in a fresh new era of sustainable growth and greatness for all our stakeholders in Tanzania and across the African continent,” he said.
He also revealed that Mr Gift Shoko, who is the current CEO of CBA Bank (T) will sit on the NCBA Bank Tanzania Board as an Executive Director. He now takes up the role of Executive Director of Retail, Corporate and Digital Business-designate, in the new organisation. His role will see him lead the digital business of NCBA Bank, which is vital to the strategic growth of the Groups’ business as it aims to be one of the leading banks in the region in the next five years.
“Bringing both banks together allows us to grow into being a bigger player in the digital space. As technology advances, we are seeing technology playing a greater role in driving financial inclusion in Tanzania, East Africa and the continent as a whole. We have the tools, resources and personnel to take the lead in this field,” said Mr Shoko.
ABOUT NCBA BANK (T) LTD
NCBA Bank (T) Limited is a result of the merger of NIC Bank (T) Limited and CBA Bank (T) Limited. The merger follows through the successful acquisition of the majority of the assets and all of the liabilities of CBA by NIC. The Notice of Transfer of Assets and Liabilities was published in the Government Gazette on 17th January 2020 (as GN No.48) and in leading local newspapers. The Notice of Transfer of Assets and Liabilities was issued in line with section 4 of the Transfer of Businesses (Protection of Creditors) Act, Cap 327 R.E 2002.
The issuance of a banking license by The Bank of Tanzania paves the way for the two organizations to start operating as NCBA Bank (T) Ltd officially.
The merger creates one of the largest financial services groups in the region, a bank with the financial strength, expertise, and regional reach to support Tanzania and the regions’ economic growth aspirations. The group is strongly placed to play a bigger and more significant role in the banking sector and economies of Tanzania, the region and beyond.
It brings together the best in class retail and corporate banks with strong potential for growth in all aspects of banking and wealth management.
The merged entity will be a Universal Bank suitable and relevant for a wide demographic of customers, providing a full range of financial products and servicesfor corporate, institutional, SME and consumer banking customers, who will benefit from strong relationship management and customer service excellence.
A proudly African Bank operating as an international bank with global standards, NCBA Bank is;
- One of the largest banks by customer numbers in Africa with a complementary base of over 40 million customers across Africa and the region, a strong digital proposition and a robust corporate and asset finance offering.
- Amongst the largest financial institutions in the East Africa region and the 3rd largest bank in Kenya with a total asset base in excess of KES 444 Billion (Tsh 9,324bn) and Shareholders’ Equity of KES 65 Billion (Tsh 1,365).
NCBA Bank Tanzania
Caroline Maajabu Mbaga
Head; Marketing, Communications & Citizenship
Email: caroline.mbaga@nicgroup.com
Tel: +255 (22) 2295000 / DL: +255 768 987008
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