Exim plans merger with First National
Wednesday January 19 2022
Exim Bank Tanzania. The Tanzania Fair Competition Commission (FCC) is reviewing plans by Exim Bank Tanzania to acquire the First National Bank Tanzania Ltd (FNB). FILE PHOTO | NMG
The Tanzania Fair Competition Commission (FCC) is reviewing plans by Exim Bank Tanzania to acquire the First National Bank Tanzania Ltd (FNB).
In a notice, FCC says it has received “a merger application notification by Exim Bank Tanzania Ltd to acquire certain assets and liabilities of First National Bank Tanzania Ltd.”
FCC noted that on October 26, 2021, Exim Bank Tanzania signed the offer for acquisition of assets and liabilities of South Africa’s First National Bank’s subsidiary.
"Fair Competition Agency alerts all petitioners both legal and natural to file their case within fourteen days from January 10," FCC said in the notice.
The agency said all petitioners who deem themselves as having sufficient interest in this merger, or, if the merger is not objected to, it will have or is likely to have a material effect on their interests, are invited to submit their interests, objections or information
“The petitioners are hereby notified to submit their petitions with a view to assist FCC in reaching just and reasonable decisions with regard to the intended merger. Notify by way of written submissions to FCC within 14 days from the first day of publication of this public notice,” it said.
Subsidiary
First National Bank Tanzania Ltd trades as a subsidiary of the FirstRand Group. FNB first opened business in the country in July 2011. It has 10 branches across Dar es Salaam, Mwanza and Arusha.
Chinese Bank Exim which is also in Uganda, Comoros and Djibouti, was the first international bank to set up in Tanzania in 1997.
The bank’s operations are in 13 of Tanzania’s regions — Dar es Salaam, Tanga, Zanzibar, Morogoro, Kilimanjaro, Arusha, Manyara, Mwanza, Shinyanga, Kigoma, Iringa, Mbeya and Mtwara.
In its 24 years of serving the national economy and supporting Tanzania’s development vision, Exim Bank has also pioneered several digital products and transformative solutions that have been impactful in creating a thriving and robust financial technology (fintech) ecosystem.
Cashless Society
Moreover, through its unique digital capabilities, the bank continues to contribute meaningfully in driving the national financial inclusion agenda whose ultimate goal is to build an inclusive digital economy and eventually make Tanzania a cashless society.