International Commercial Bank Tanzania Ltd -History, Ownership, Network and More

International Commercial Bank Tanzania Ltd – History, Ownership, Network and More

International Commercial Bank Tanzania Limited (ICBT) operates as a commercial bank in East Africa’s 2nd-largest economy, Tanzania. The bank is licensed by the national regulator and central bank of the country, The Bank of Tanzania.

Type Private affiliate of ICB Banking Group
Founded 25 years ago, 1997
Industry Financial services
Headquarters 2nd Floor, Vijana Towers, West Upanga, Fire station Road, Dar es Salaam
Products Checking, Loans, Savings, Debit Cards, Investments
Key people Chairperson – Joseph Sevaretnam


Managing Director- Villy Vellayappan

Parent ICB Banking Group
Total assets (2019) 79,546 billion TZS (USD 34.5 million)
Website icbanktz

International Commercial Bank Tanzania Overview

The International Commercial Bank Tanzania is part of ICB Banking Group, a conglomerate of financial services having subsidiaries in Bangladesh and Tanzania. Its headquarters are in Schindellegi, in Switzerland.

ICB Banking Group has had banking subsidiaries in 13 countries in Asia, Eastern Europe, and Africa in the past. With the exception of the two aforementioned nations, the group has since divested from those countries.

ICB Tanzania Limited had total assets of Tsh:79.546 billion (USD 34.5 million) by December 2019, with shareholders’ equity of Tsh:20.079 billion (USD 8.7 million).

International Commercial Bank Tanzania Ownership

The Switzerland ICB Banking Group owns the majority of ICB Tanzania Limited, with four minority shareholders, all non-Tanzanian. By November 2020, ICB shareholders were as shown in the table below.

Owner Percentage Nationality
Mohd Nasir Ali Bin 6.23 Malaysia
Latifah Ismail Binti 6.23 Malaysia
Khadija Khalid Abdul 6.23 Malaysia
Josephine Sivaretnam 6.23 Malaysia
ICB Financial Group Holding AG 75.08 Switzerland
Total 100.00  

International Commercial Bank Tanzania Governance

Josephine Sevaretnam, a minority stakeholder and non-executive board member, chairs the seven-member board of directors. Villy Vellayappan is the bank’s chief executive officer as of 2020 September. In running the financial institution’s day-to-day operations, he is assisted by nine other top executives.

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

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