Bank M

Bank M
Private
Industry Financial Services
Founded 2007
Headquarters Dar es Salaam, Tanzania
Key people
 Nimrod Mkono, Chairman
Sanjeev Kumar, Chief Executive Officer
Products Loans, Checking, Savings, Investments, Debit Cards
Revenue Increase Pretax: US$8.04 million (TZS:12.66 billion) (2012)[1]
Total assets US$414.72 million (TZS:889.11 billion) (March 2016)[2]
Number of employees
 213+ (2012)
Website Homepage

Bank M is a commercial bank in Tanzania. It is licensed by the Bank of Tanzania, the country's central bank and national banking regulator, to engage in commercial banking.[3]

Overview

The bank is a medium-sized financial services provider in Tanzania. It provides 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 US$336.2 million (TZS:532 billion).[4][5]

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 US $17 million (Tanzania shillings: 25 billion), of which US $6.3 million (TZS:9.3 billion) had been paid up as of October 2010.[6]

Ownership

The bank's stock is privately owned by the following individuals and corporate entities:[7]

Bank M Stock Ownership
Rank Name of OwnerPercentage Ownership
1Sanjeev 10.53
2Bhaskar Nair7.09
3Sean Patrick Breslin11.63
4Vimal Mehta16.03
5Shilpa Mehta3.40
6Pride Tanzania Limited3.46
7Africarriers Limited11.00
8Equity & Allied Limited12.17
9Noble Azania Investments Limited7.30
10Shiva Sanjeev Kumar1.42
11Gissings Directors Pension Scheme2.47
12Ramesh Patel3.26
13Caitrin Breslin0.90
14Simon & Roisin Gregory4.45
15Sumaria Properties Limited4.87
Total100.00

Branch Network

As of November 2014, Bank M maintains branches in the following locations, with a view to expand to other areas of Tanzania:[8]

  1. Main Branch - 8 Ocean Road, 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

Governance

The Chairman of the Board of Directors is Nimrod Nkono, a non-Executive Director. Sanjeev Kumar, a shareholder in the bank is the Chief Executive Officer of Bank M.

See also

References

  1. ↑ Daily Times Reporter (10 January 2013). "Bank M Operating Profit Up 41 Per Cent". Tanzania Daily News (Dar es Salaam). Retrieved 8 November 2014.
  2. ↑ The Citizen Reporter (13 April 2016). "Tanzania: Bank M's Profit Up 20 Percent on Improved Interest Income". The Citizen (Tanzania) (TCT) via AllAfrica.com. Dar es Salaam. Retrieved 18 April 2016.
  3. ↑ "Directory of Commercial Banks Operating In Tanzania". Bank of Tanzania (BOT). 8 November 2014. Retrieved 8 November 2014.
  4. ↑ Mwamunyange, Joseph (3 August 2013). "Bank M Joins Tanzania's Top 10 Banks". The EastAfrican (Nairobi). Retrieved 8 November 2014.
  5. ↑ Daily News Reporter (29 July 2013). "Bank M Assets Expand, Hit Half Trillion". Tanzania Daily News (Dar es Salaam). Retrieved 8 November 2014.
  6. ↑ 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.
  7. ↑ "Shareholder Profile of Bank M Tanzania". Bank M Tanzania (BMT). 2014. Retrieved 8 November 2014.
  8. ↑ "The Branches of Bank M Tanzania". Bank M Tanzania (BMT). 2014. Retrieved 8 November 2014.

External links

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