Bank M - Overview, History, Ownership and More

Bank M – Overview, History, Ownership and More

Bank M, a commercial bank based in Tanzania, was granted a commercial banking license by the Bank of Tanzania, the central bank of the country and the banking regulator nationally.

Location of Bank M

The Bank M Building has its main branch and headquarters at 8 Barack Obama Drive (previously Ocean Road), Dar es Salaam, Tanzania’s financial capital and largest city. Its geographical coordinates 39°17’12.0″ E, 06°48’09.0″ S (Longitude:39.286667; Latitude: -6.802500).

Bank M Overview

In Tanzania, Bank M operated as a medium-sized provider of financial services. Individuals and small to medium-sized businesses, as well as large corporations, received financial services from it. As of 2013 June, the bank’s cumulative asset was valued at approximately 532 billion TZS (336.2 million USD)

History of Bank M in Tanzania

The Bank of Tanzania granted Bank M a commercial banking license in 2007 February and it began operations in July 2007. The bank’s authorized capital is valued at US$17 million (TZS: 25 billion), with USD6.3 million (9.3 billion TZS) paid as of 2010 October.

Bank M’s liabilities and assets were purchased by Azania Bank, a retail commercial bank, in January of 2019. The Bank of Tanzania, the country’s banking regulator, revoked Bank M’s banking license.

One of Azania Bank's Branches
One of Azania Bank’s Branches

Ownership

Bank M shares were owned by the following people and corporate organizations when it was placed into receivership in 2018 August.

Bank M Share Ownership Breakdown

Rank Ownership Percentage Owner
1 16.03% Vimal Mehta
2 12.17% Equity and Allied Limited
3 11.63% Sean Breslin Patrick
4 11.00% Africarriers Limited
5 10.53% Sanjeev
6 7.30% Noble Azania Investment ltd
7 7.09 Khaskar Nair
8 4.87% Sumaria Properties ltd
9 4.45 Simon and Roisin Gregory
10 3.46 Pride Tanzania Ltd
11 3.26 Ramesh Patel
12 2.47 Gissings Directors Pension Scheme
13 1.42 Shiva Kumar Sanjeev
14 0.90 Caitrin Breslin
  100.0  

Bank M Network of Branches

Bank M has branches in these locations as of 2014 November, with plans to expand into other regions in Tanzania:

  1. The Main Branch is located at Dar es Salaam’s 8 Barack Obama Drive.
  2. Branch at Nyerere Road Dar es Salaam’s Nyerere Road 27-28
  3. Branch at Kisutu Street, Dar es Salaam’s Kisutu Street 29
  4. Branch at Dar es Salaam’s Uhuru Street, Uhuru Street 27
  5. Arusha Branch, Arusha’s East Joel Maeda Road 29
  6. Mwanza Branch – Mwanza’s 62W Capri Point

Receivership

The Bank of Tanzania, the country’s central bank, seized Bank M on August 2, 2018, removed its senior managers and board of directors, and installed an administrator, effectively placing Bank M in “receivership” due to failure to attain liquidity requirements. In the following 90 days, a decision on the future steps was expected.

Bank M’s assets were transferred to Azania Bank by BOT in January of 2019, valued at almost $500 million then, and permanently canceled Bank M’s banking license.

For more articles related to Financial Services in Tanzania, click here!