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NMB Bank Plc

End of Day - 23 Oct 2020
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Sector : Banks, Finance & Investments

NMB Bank Plc (NMB) is one of the largest commercial banks in Tanzania, providing banking services to individuals, small to medium sized and corporate clients. It was established under the National Microfinance Bank Limited Incorporation Act of 1997, following the break-up of the old National Bank of Commerce, by an Act of parliament. At the time, it was named National Microfinance Bank and it offered payment services, savings account and limited lending products. In 2005, the Government of the United Republic of Tanzania privatized the bank when it sold part of its shareholding (49%) to a consortium led by the Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. ('Rabobank Group'). Subsequently, there was a further divestiture in 2008 when the Tanzanian Government offloaded another 21% of its shareholding to the Tanzanian public through an initial Public Offering(IPO). In 2018, the bank changed its name to NMB Bank Plc to reflect the fully-fledged commercial bank it has become.