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|
|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)|
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.
|Mohd Nasir Ali Bin||6.23||Malaysia|
|Latifah Ismail Binti||6.23||Malaysia|
|Khadija Khalid Abdul||6.23||Malaysia|
|ICB Financial Group Holding AG||75.08||Switzerland|
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.
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