International Commercial Bank Tanzania

International Commercial Bank Tanzania Limited
Company typePrivate, Subsidiary of ICB Banking Group
IndustryFinancial services
Founded1997; 28 years ago (1997)
HeadquartersVijana Towers, 2nd Floor, Fire Station Road, West Upanga, Dar es Salaam, Tanzania
Key people
Josephine Sevaretnam
Chairperson
Villy Vellayappan
Managing Director
ProductsLoans, Checking, Savings, Investments, Debit Cards
Total assetsTSh 79.546 billion (US$34.5 million) (2019)
ParentICB Banking Group
Websiteicbank.co.tz

International Commercial Bank Tanzania Limited (ICBT), is a commercial bank in Tanzania, the third-largest economy in the East African Community. It is licensed by the Bank of Tanzania, the country's central bank and national banking regulator.[1]

Overview

The bank is a member of the ICB Banking Group, a financial services conglomerate, headquartered in Schindellegi, Switzerland, with subsidiaries in Tanzania and Bangladesh.[2]

In the past, ICB Banking Group owned banking subsidiaries in thirteen countries in Eastern Europe, Asia and Africa. The group has since divested from those countries, except for the two, mentioned in the previous paragraph.[2][3]

As of December 2019, ICB Tanzania Limited owned total assets valued at TSh 79.546 billion (US$34.5 million), with shareholders equity of TSh 20.079 billion (US$8.7 million).[4]

Ownership

ICB Tanzania Limited is majority owned by ICB Banking Group of Switzerland, and four non-Tanzanian minority shareholders. The table below illustrates the shareholding in the stock of International Commercial Bank Tanzania, as of November 2020.[5]

ICB Tanzania Limited Stock Ownership
Rank Name of Owner Nationality Percentage Ownership
1 ICB Financial Group Holding AG Switzerland
75.08
2 Josephine Sivaretnam Malaysia
6.23
3 Khadijah Abdul Khalid Malaysia
6.23
4 Lutfiah Binti Ismail Malaysia
6.23
5 Mohd Nasir Bin Ali Malaysia
6.23
Total
100.00

Governance

The seven-person board of directors is chaired by Josephine Sevaretnam, a non-executive board member, who is also a minority shareholder.[6] As of September 2020, Villy Vellayappan serves as the chief executive officer of the bank. He is assisted by nine other top managers in conducting the day-to-day business of the financial institution.[7][8]

See also

References

  1. ^ Bank of Tanzania (2020). "List of Licensed Commercial Banks Operating In Tanzania". Dar es Salaam: Bank of Tanzania. Retrieved 21 November 2020.
  2. ^ a b ICB Banking Group (November 2020). "A Brief History of The ICB Banking Group". Schindellegi, Switzerland: ICB Banking Group. Archived from the original on 18 August 2021. Retrieved 21 November 2020.
  3. ^ Tanzania Invest (24 June 2009). "International Commercial Bank Presence in Tanzania Banking Increased". Dar es Salaam: Tanzaniainvest.com. Retrieved 21 November 2020.
  4. ^ ICB Tanzania Limited (31 March 2020). "International Commercial Bank Tanzania: Audited Financial Statement of Financial Position As of 31 December 2019" (PDF). Dar es Salaam: International Commercial Bank Tanzania Limited. Retrieved 21 November 2020.
  5. ^ ICB Tanzania Limited (21 November 2020). "Shareholding In The Stock of ICB Tanzania Limited". Tanzania: International Commercial Bank Tanzania. Retrieved 21 November 2020.
  6. ^ Tanzania Daily News (18 December 2019). "You Are On Right Track, BoT Tells ICB Bank". Tanzania Daily News. Dar es Salaam. Retrieved 21 November 2020.
  7. ^ Tanzania Invest (September 2020). "Tanzania Banks: Commercial Banks And Their Chief Executives". Dar es Salaam: Tazaniainvest.com. Retrieved 21 November 2020.
  8. ^ ICB Tanzania (November 2020). "The Management Team of International Commercial Bank Tanzania". Dar es Salaam: ICB Tanzania Limited. Retrieved 21 November 2020.


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