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Tanzania Commercial Bank

Tanzania Commercial Bank, formerly known as TPB Bank Plc, is a commercial bank in Tanzania. It is licensed and supervised by the Bank of Tanzania, the central bank, and the national banking regulator.[1]

History

Incorporation

In 1925, the Tanganyika Post Office Savings Bank Ordinance was passed by the British Colonial government that established the Tanganyika Post Office Savings Bank. The bank became operational in just two years in 1927. There were plans to list the shares of the bank on the Dar es Salaam Stock Exchange, but those plans never materialized.[2][3]

Financial sector reform

After the government of Tanzania began financial sector reform following the end of Ujamaa economic policies in the country, the Tanzania Post office Savings bank was transformed into a separate entity, the Tanzania Postal Bank. The Tanzania Postal Bank Act No. 11 of 1991 created the bank as a separate entity from the Tanzania Posts and Telecommunications Corporation.[4] Since attaining its independence, the bank has provided services to a much larger population than before and it has begun to provide a profit to the government.

Public limited company

In 2015, the bank management declared that the bank will list the bank on the Dar es Salaam Stock Exchange, in order to raise capital to expand and automate the companies operations.[5] On January 19, 2017, the bank officially rebranded the company and Tanzania Postal Bank Limited changed its name to TPB Bank Plc.[6]

Mergers and acquisitions

In 2018, the Bank of Tanzania merged Twiga Bancorp and Tanzania Women's Bank into Tanzania Postal Bank due to their poor performance. In June 2020, the central bank merged TIB Commercial Bank Limited into TPB. The merger is set to bring the total assets of the bank to over 1 trillion Tanzanian Shillings.[7]

Overview

In June 2021, the bank rebranded to Tanzania Commercial Bank, to reflect the national nature of the institution.[8] As of December 2023, the bank's total assets were valued at TSh 1.47 trillion (approx. US$570.36 million).[9]

Corporate affairs

Ownership

The table below illustrates the shareholding in the stock of TPB Bank Plc, as of 31 December 2019.[10]

Business trends

TPB Bank Plc bank year ends on 31 December every year.

See also

External links

References

  1. Bank of Tanzania. Supervised Commercial Banks In Tanzania Bank of Tanzania, 6 December 2020, retrieved 6 December 2020^
  2. Abduel Elinaza. Tanzania: Postal Bank to Go Public Next Year Tanzania Daily News, 27 May 2015, retrieved 21 April 2024^
  3. Tanzania Daily News. Tanzania: Postal Bank Keen to Go Public African Markets, 29 January 2013, retrieved 21 April 2024^
  4. THE TANZANIA POSTAL BANK ACT, 1991 Government of Tanzania^
  5. Alvar Mwakyusa. Tanzania: Postal Bank in Upward Trend Gets Set for Listing At DSE Tanzania Daily News (Dar es Salaam), 2016-04-22, retrieved 2017-01-19^
  6. Anastazia Anyimike. TPB yaombwa unafuu wa mikopo www.habarileo.co.tz, retrieved 2017-01-19^
  7. BoT merging struggling TIB with Tanzania postal Bank Plc www.ippmedia.com, retrieved 2 June 2020^
  8. Deus Ngowi. TPB Now Becomes Tanzania Commercial Bank Tanzania Daily News, 22 June 2021, retrieved 5 December 2021^
  9. Rosemary Mirondo. TCB aspires to be Tanzania’s third-biggest bank 10 April 2024, retrieved 21 April 2024^
  10. TPB Bank Plc. TPB Bank Plc Annual Report 2019 TPB Bank Plc, 31 March 2020, retrieved 6 December 2020^
  11. Tanzania Postal bank Annual Report 2014 postalbank.co.tz/, Tanzania postal bank, retrieved 19 January 2017^
  12. Tanzania Postal bank Annual Report 2015 postalbank.co.tz, Tanzania Postal Bank, retrieved 19 January 2017^
  13. National Audit Office, Republic of Tanzania. TBP Bank Public Limited Audited Financial Statements For The Year Ended 31 December 2018 TPB Bank Public Limited, April 2019, retrieved 6 December 2020^