On 1st March 2016, Barclays Bank Plc., of United Kingdom announced that it intends to sell its 62.3% shares in its subsidiary, Barclays Africa Group Limited over the next two years. Barclays Africa Group Limited is one of Africa's major financial services providers and has majority stakes in a number of banks across Africa including Tanzania.
In Tanzania, Barclays Africa Group Limited holds 100% ownership of Barclays Bank Tanzania Limited and is also a majority shareholder of the National Bank of Commerce Limited, owning 55% of the bank's equity.
The intention announced by Barclays Bank Plc., will not in any way affect operations of Barclays Bank Tanzania Limited nor the National Bank of Commerce Limited, rather changes are only expected at the Group level. Both banks are well capitalized and independently funded businesses.
Therefore, the Bank of Tanzania would like to assure the general public that these two institutions will continue with normal banking operations. Bank of Tanzania will ensure that any transaction of ownership in these two institutions is conducted in an orderly manner as per the provisions of the legal and regulatory requirements so as to preserve stability and soundness of the financial system.
BANK OF TANZANIA
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