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NMB Take Over China Commercial Bank Tanzania

March 8, 2021
1 minute read
China Commercial Bank Tanzania NMB

In a notice to the public dated 4th March 2021, the Bank of Tanzania (BOT) informs the public that it has transferred all assets and liabilities of China Commercial Bank Limited (CCB) to NMB Bank Plc.

On 19th November 2020, BOT had taken over and placed under statutory administration CCB after it failed to meet regulatory requirements regarding capital adequacy.

BOT explains that, as per its mandate as provided under Section 59 (4) of the Banking and Financial Institutions Act, 2006, the process of determining resolution option of CCB has been completed, and transfer of assets and liabilities to an existing bank-NMB-has been adopted as the formal resolution option effective 4th March 2021.

Depositors and other creditors of CCB will be advised in due course how and when they will commence accessing banking services through NMB Bank.

Meanwhile, all borrowers are required to continue to pay their maturing obligations as per the terms and conditions of the agreements.

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