Bank M

Bank M was a commercial bank in Tanzania. It was licensed by the Bank of Tanzania, the country's central bank and national banking regulator, to engage in commercial banking.[4]

Bank M
TypePrivate
IndustryFinancial services
Founded2007 (2007)
FateClosed, August 2018
HeadquartersDar es Salaam, Tanzania
Key people
Nimrod Mkono
Chairman
Jacqueline Woiso
Chief Executive Officer[1]
ProductsLoans, checking, savings, investments, debit cards
RevenueIncrease Pretax: TSh 12.66 billion (US$8.04 million) (2012)[2]
Total assetsTSh 1.05 trillion (US$461.4 million) (2016)[3]
Number of employees
213+ (2012)
Websitewww.bankm.co.tz.

Location

The headquarters and main branch of Bank M were located at the Bank M Building, at 8 Barack Obama Drive (former Ocean Road), in the city of Dar es Salaam, th large city and financial capital of Tanzania.[5] The geographical coordinates of the headquarters of the bank are: 06°48'09.0"S, 39°17'12.0"E (Latitude:-6.802500; Longitude:39.286667).[6]

Overview

The bank was a medium-sized financial services provider in Tanzania. It provided financial services to individuals, small to medium enterprises, and large corporations. As of June 2013, the bank's total asset base was valued at about TSh 532 billion (US$336.2 million).[7][8]

History

The bank received its commercial banking license from the Bank of Tanzania in February 2007 and opened for business in July of the same year. Its authorized capital is approximately TSh 25 billion (US$17 million), of which TSh 9.3 billion (US$6.3 million) had been paid up as of October 2010.[9]

In January 2019, the assets and liabilities of Bank M were acquired by Azania Bank, another retail commercial bank. The banking license of Bank M was revoked by the Bank of Tanzania, the national banking regulator.[10]

Ownership

Prior to its placement into receivership in August 2018, the stock of the bank was owned by the following individuals and corporate entities.[1]

Bank M Stock Ownership
RankName of OwnerPercentage Ownership
1Vimal Mehta16.03
2Equity & Allied Limited12.17
3Sean Patrick Breslin11.63
4Africarriers Limited11.00
5Sanjeev10.53
6Noble Azania Investment Limited7.30
7Khaskar Nair7.09
8Sumaria Properties Limited4.87
9Simon & Roisin Gregory4.45
10Pride Tanzania Limited3.46
11Ramesh Patel3.26
12Gissings Directors Pension Scheme2.47
13Shiva Sanjeev Kumar1.42
14Caitrin Breslin0.90
Total100.00
  • Note: Totals may be slightly off due to rounding.

Branch Network

As of November 2014, Bank M maintains branches in the following locations, with a view to expand to other areas of Tanzania: (1) Main Branch - 8 Barack Obama Drive, Dar es Salaam (2) Nyerere Road Branch - 27-28 Nyerere Road, Dar es Salaam (3) Kisutu Street Branch - 29 Kisutu Street, Dar es Salaam (4) Uhuru Street Branch - 27 Uhuru Street, Dar es Salaam (5) Arusha Branch - 29 East Joel Maeda Road, Arusha (6) Mwanza Branch - 62W Capri Point, Mwanza.[11]

Receivership

On 2 August 2018, the Bank of Tanzania, seized Bank M, dismissed its board of directors and senior managers and appointed an administrator; thus placing the lender under "receivership", on account of failure to meet liquidity requirements. A decision on the way forward was expected in the next 90 days.[12][13]

In January 2019, BOT transferred the assets of Bank M, estimated at about US$500 million at the time, to Azania Bank and permanently revoked Bank M's commercial banking license.[14]

See also

References
  1. The Citizen Reporter (3 August 2018). "This Is Who Owned Bank M". The Citizen (Tanzania). Dar es Salaam. Retrieved 5 August 2018.
  2. Daily Times Reporter (10 January 2013). "Bank M Operating Profit Up 41 Per Cent". Tanzania Daily News (Dar es Salaam). Archived from the original on 2014-11-09. Retrieved 8 November 2014.
  3. Kamndaya, Samuel (3 August 2018). "The surprise fall of Bank M". The Citizen (Tanzania). Dar es Salaam.
  4. Bank of Tanzania (30 June 2017). "Directory of Commercial Banks Operating In Tanzania as of 30 June 2017" (PDF). Dar es Salaam: Bank of Tanzania. Archived from the original (PDF) on 27 January 2018. Retrieved 8 May 2018.
  5. Bloomberg LP (6 July 2016). "Company Overview of Bank M Tanzania Plc". Bloomberg LP. Retrieved 8 May 2018.
  6. Google (8 May 2018). "Location of the headquarters of Bank M Tanzania Limited" (Map). Google Maps. Google. Retrieved 8 May 2018.
  7. Mwamunyange, Joseph (3 August 2013). "Bank M Joins Tanzania's Top 10 Banks". The EastAfrican (Nairobi). Retrieved 8 November 2014.
  8. Daily News Reporter (29 July 2013). "Bank M Assets Expand, Hit Half Trillion". Tanzania Daily News (Dar es Salaam). Archived from the original on 2014-11-09. Retrieved 8 November 2014.
  9. Elinaza, Abduel (7 October 2010). "Tanzania: Bank M Posts TSh1.48 Billion Quarterly Profit". Tanzania Daily News (Dar es Salaam) via AllAfrica.com. Retrieved 8 November 2014.
  10. Reuters (15 January 2019). "Bank M assets, liabilities transferred to Azania Bank". The EastAfrican Quoting Reuters. Nairobi. Retrieved 20 January 2019. {{cite web}}: |author= has generic name (help)
  11. "The Branches of Bank M Tanzania". Bank M Tanzania (BMT). 2014. Archived from the original on 2014-11-08. Retrieved 8 November 2014.
  12. Kidanka, Christopher (2 August 2018). "Tanzania's Bank M Placed Under Receivership". The EastAfrican. Nairobi. Retrieved 2 August 2018.
  13. Ngugi, Brian (3 August 2018). "Tanzanian buyer of Kenya's Oriental Bank in trouble". Business Daily Africa. Nairobi. Retrieved 3 August 2018.
  14. Fumbuka Ng’wanakilala and Alexander Smith (7 March 2019). "Ex-CEO of Tanzania's Bank M charged with fraud, money laundering". Reuters.com. Retrieved 13 February 2021.
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