Bank M
Encyclopedia
Bank M is a commercial bank
in Tanzania
. It is one of the financial istitutions licensed to carry on commercial banking in the country, by Bank of Tanzania
, the national banking regulator.
, the national banking regulator, in February 2007, and opened for business in July, the same year. Its authorized capital is approximately US$17 million (Tanzania shillings: 25 billion), of which US$6.3 million (TZS:9.3 billion) has been paid up, as of October 2010.
is privately owned by the following corporate entities and individuals:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Bank M Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Equity & Allied Limited||18.41
|-
|2||Negus Holdings Limited||18.41
|-
|3||Noble Azania Investments Limited||18.41
|-
|4|| Sean Patrick Breslin ||13.74
|-
|5|| Bhaskaran Nair||09.20
|-
|6||Sanjeev Kumar||09.20
|-
|7||Africarriers Limited||08.15
|-
|8||Pride Tanzania||04.48
|-
|||Total||100.00
|-
|}
is Nimrod Nkono, a non-Executive Director. Sanjeev Kumar, a shareholder in the bank is the Chief Executive Officer
of Bank M.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
. It is one of the financial istitutions licensed to carry on commercial banking in the country, by Bank of Tanzania
Bank of Tanzania
The Bank of Tanzania is the central bank of the United Republic of Tanzania. It is responsible for issuing the national currency, the Tanzanian shilling....
, the national banking regulator.
Overview
The bank is a medium-sized financial services provider in Tanzania. Bank M provides banking services to individuals and businesses, with focus on medium-sized businesses and large corporations. , the bank's total asset base was estimated at about US$183 million (Tanzania shillings-TZS:285 billion) By 30 September 2011, that asset base had grown to nearly US$197.6 million (TZS:336 billion).History
Bank M received its commercial banking license from the Bank of TanzaniaBank of Tanzania
The Bank of Tanzania is the central bank of the United Republic of Tanzania. It is responsible for issuing the national currency, the Tanzanian shilling....
, the national banking regulator, in February 2007, and opened for business in July, the same year. Its authorized capital is approximately US$17 million (Tanzania shillings: 25 billion), of which US$6.3 million (TZS:9.3 billion) has been paid up, as of October 2010.
Ownership
Bank M stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
is privately owned by the following corporate entities and individuals:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Bank M Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Equity & Allied Limited||18.41
|-
|2||Negus Holdings Limited||18.41
|-
|3||Noble Azania Investments Limited||18.41
|-
|4|| Sean Patrick Breslin ||13.74
|-
|5|| Bhaskaran Nair||09.20
|-
|6||Sanjeev Kumar||09.20
|-
|7||Africarriers Limited||08.15
|-
|8||Pride Tanzania||04.48
|-
|||Total||100.00
|-
|}
Branch Network
, Bank M maintains branches in the following locations, with a view to expand to other areas of Tanzania:- Main Branch - 8 Ocean Road, Dar es SalaamDar es SalaamDar es Salaam , formerly Mzizima, is the largest city in Tanzania. It is also the country's richest city and a regionally important economic centre. Dar es Salaam is actually an administrative province within Tanzania, and consists of three local government areas or administrative districts: ...
- Nyerere Road Branch - 27/28 Nyerere Road, Dar es SalaamDar es SalaamDar es Salaam , formerly Mzizima, is the largest city in Tanzania. It is also the country's richest city and a regionally important economic centre. Dar es Salaam is actually an administrative province within Tanzania, and consists of three local government areas or administrative districts: ...
- Kisutu Street Branch - 29 Kisutu Street, Dar es SalaamDar es SalaamDar es Salaam , formerly Mzizima, is the largest city in Tanzania. It is also the country's richest city and a regionally important economic centre. Dar es Salaam is actually an administrative province within Tanzania, and consists of three local government areas or administrative districts: ...
- Uhuru Street Branch - 27 Uhuru Street, Dar es SalaamDar es SalaamDar es Salaam , formerly Mzizima, is the largest city in Tanzania. It is also the country's richest city and a regionally important economic centre. Dar es Salaam is actually an administrative province within Tanzania, and consists of three local government areas or administrative districts: ...
- Arusha Branch - 29 East Joel Maeda Road, ArushaArushaArusha is a city in northern Tanzania. It is the capital of the Arusha Region, which claims a population of 1,288,088, including 281,608 for the Arusha District . Arusha is surrounded by some of Africa's most famous landscapes and national parks...
- Mwanza Branch - 62W Capri Point, MwanzaMwanzaMwanza is a mid-sized port city on the southern shores of Lake Victoria in northwestern Tanzania. With an urban population of 1.2 million and a metropolitan population of 2 million, it is Tanzania's second largest city, following Dar es Salaam and ahead of other major Tanzanian cities of Arusha,...
Governance
The Chairman of the Board of DirectorsBoard of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
is Nimrod Nkono, a non-Executive Director. Sanjeev Kumar, a shareholder in the bank is the Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of Bank M.
External links
- Website of Bank M
- Website of Bank of Tanzania
- Members of Tanzania Bankers Association Including Addresses
See also
- List of banks in Tanzania
- List of banks in Africa
- Bank of TanzaniaBank of TanzaniaThe Bank of Tanzania is the central bank of the United Republic of Tanzania. It is responsible for issuing the national currency, the Tanzanian shilling....
- Economy of TanzaniaEconomy of Tanzania- History :Significant measures have been taken to liberalize the Tanzanian economy along market lines and encourage both foreign and domestic private investment. Beginning in 1986, the Government of Tanzania embarked on an adjustment program to dismantle socialist economic controls and encourage...