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| Mr Mkulo |
The Government is yet to decide on the disposal of 30 per cent of its
stakes in National Bank of Commerce (NBC) on the Dar es Salaam Stock Exchange (DSE).
Speaking to this paper in an interview on Monday Finance minister
Mustafa Mkulo said the government has no plans as of now to float its stake on
the bourse.
“We have not even discussed the issue pertaining to NBC shares this
year, we will release more information later on,” he said.
At present Absa, a leading South African bank, holds majority shares in
the once leading state bank in Tanzania, with 55 per cent stakes.
The government of Tanzania maintains 30 per cent and International
Finance Corporation, the World Bank’s finance arm, has 15 per cent shares.
The listing by NBC would make it the fifth bank to trade shares at the
DSE. Other banks in the bourse are NMB, CRDB, Dar es Salaam Community bank and Kenya’s
KCB, cross-listed.
The Absa group CEO, Maria Ramos, was quoted during the World Economic
Forum for Africa (wefa) in Dar es Salaam last year as saying that the IPO would
dilute the Tanzania government’s stake.
NBC is currently the third largest bank in Tanzania, out of a total of
34 registered financial entities.
It was formed on April 2000 when NBC (1997) Limited was privatised and
sold to Absa Group.
It was established from the restructuring of the then National Bank
Commerce in 1997 into three entities, namely NBC Holdings Corporation, National
Micro-Finance Bank (NMB) and NBC (1997).
Source, The Guardian,www.ippmedia.com
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