The Bank of Tanzania (BoT) with acquisition and operation of the law, transferred all assets and liabilities of China Commercial Bank Limited to NMB Bank Plc after the financial institution’s operations were suspended in November last year due to regulatory challenges.
The Central Bank Governor Prof Florens Luoga said in Dar es Salaam on Thursday that BoT, NMB bank and other stakeholders are continuing to prepare legal procedures on how to complete the process of transferring over the China Commercial Bank Limited assets and liabilities.
“The depositors and other creditors of China Commercial Bank Limited will be advised in due course on how and when to commence accessing banking services through NMB Bank Plc,” he said.
The normal business operations of China Commercial Bank Limited were suspended for a period of 90 days to allow the BoT to determine the appropriate resolution.
Meanwhile, all borrowers of the China Commercial Bank Limited are required to continue to settle their debts as per terms and conditions of the agreements.
He said the BoT reiterates its commitment to protect the interests of depositors, creditors and maintain the stability of the banking sector.
Prof Luoga said the action taken by the BoT was not insolvent, so customers should not start panicking as it is a matter of protecting the interests of customer deposits from being lost.
The NMB Bank Plc Managing Director Ruth Zaipuna, assured customers of the China Commercial bank Limited that her financial institution will treat them professionally with blessings from the Central Bank, being the overall guarantor.
“I thank BoT for the trust and commitment they have given us by handing over China Commercial Bank Limited assets and deposits in order to protect the interests of customers.
“We assure all stakeholders and customers that their money will be safe and secure while getting professional banking services, ” she said adding that NMB being the most profitable bank has sufficient capital, several branches and agents network countrywide.
She said within two months or less after process of Know your Customer (KYC), NMB Plc will provide guidance on how China Commercial Bank Limited customers will be served, adding that for the meantime, NMB House and Ohio branch will continue to serve them.
