NMB Bank Plc, Tanzania’s largest bank by assets, concluded the transfer of 174.5 million shares to Arise, Rabobank investment arm.
This is after it received regulatory approvals from the Capital Market and Securities Authority (CMSA).
Arise B.V, an investment platform, is a leading African investment company (holding company) which is backed by reputable cornerstone investors.
NMB Chief Executive Officer, Ruth Zaipuna, said, “The successful completion of the share transfer is a testament of investors’ confidence on the Institution and the Country at large.”
“The collaborative partnership between Arise and NMB is envisaged to deliver substantial operational, commercial, organizational and financial benefits with long-term market returns that go beyond stakeholders’ expectations,” she added.
Arise will support NMB’s future growth aspirations and spur economic growth and the prosperity of Tanzanian’s, through increased financial inclusion, and the growth of Retail, Small Medium Enterprises (SMEs) and Agriculture sectors.
“Tanzania is a key investment destination in Sub-Saharan Africa for Arise and we are excited about the collaborative partnership with NMB, which is set to further advance financial inclusion in Africa,” Arise Chief Executive Officer Deepak Malik said.
NMB Bank Plc listed on Dar es salaam Stock Exchange (DSE).