BoT appoints Lawrence Mafuru to handle all matters pertaining FBME Bank Limited

Lawrence Mafuru Statutory Manager  FBME Bank Limited

The Bank of Tanzania has decided to take over management of FBME Bank Limited to the exclusion of the board of directors and management of the bank. This step has been necessitated by the Central Bank of Cyprus (CBC) decision to take over the management of operations of the branch of FBME Bank Limited in Cyprus.

Considering the potential effect of the decision taken by CBC to take over FBME's Bank branch in Cyprus which may likely bring into the banking system in Tanzania, and consistent with the provisions of of section 56(1)(g)(iii) of the Banking and Financial Institutions Act 2006, the Bank of Tanzania has taken over the management of FBME Tanzania Limited effective 24th July 2014. The Bank of Tanzania has accordingly appointed Mr. Lawrence Mafuru as Statutory Manager with immediate effect to handle all matters pertaining to the bank.

The objective underlying the Bank of Tanzania's decision is to ensure safety of customer's deposits as well as safeguard the stability of the entire banking system in the country.

While the bank is under the Bank of Tanzania management, the bank will continue to provide banking services to its customers smoothly.


Info source: Arden Kitomari Tz blog