Azania Bank

Azania Bank
TypePrivate
IndustryFinancial services
Founded1995; 31 years ago (1995)
HeadquartersDar-es-Salaam, Tanzania
Key people
ProductsLoans, checking, savings, investments, debit cards
Total assetsTSh 2,098 billion (US$822.7 million) (September 2023)
Number of employees
511 (2019)
Websitewww.azaniabank.co.tz

Azania Bank PLC , commonly referred to as Azania Bank, is a commercial bank in Tanzania. Its former name was First Adili Bancorp Limited. It is licensed by the Bank of Tanzania (BOT), the central bank and national banking regulator.

Overview

Azania Bank is a Tier One-sized commercial bank that engages in retail banking, corporate banking, lease financing, foreign exchange transactions, import/export financing, and the issuance of letters of credit. Following the acquisition of the assets and liabilities of Bank M, in January 2019, the total assets of Azania Bank were valued at approximately TSh 1,339 billion (US$582 million). At that time the bank's shareholders equity was valued at TSh 164 billion (US$71.46 million). As of December 2019, the bank's total assets were valued at 1,148,710,000,000/= (US$496,575,000), with shareholders equity of 241,351,000,000/= (US$104,333,000).

History

The bank was established in 1995 as First Adili Bancorp, by Tanzanian citizens, together with national pension funds and International financial institutions, including the East African Development Bank, the Swedish International Development Agency and an American merchant bank, Gerald Metals Inc. Today, the main shareholders are Tanzanian pension funds and Tanzanian nationals.

In January 2019, Azania Bank acquired the assets and liabilities of Bank M, a retail commercial bank, which had been under management by Bank of Tanzania since August 2018, on account of "critical liquidity problems" and inability "to meet its obligations".

Ownership

As of December 2021, Azania Bank's stock was owned by the following corporate entities and individuals:

Azania Bank stock ownership
RankName of ownerPercentage ownership
1National Social Security Fund - Tanzania (NSSF)28.04
2Public Service Social Security Fund (PSSSF)51.32
3National Health Insurance Fund (NHIF)17.97
4Workers Compensation Fund (WCF)1.78
5East African Development Bank (EADB)0.50
6Minority shareholders, including Azania Bank staff0.39
Total100.0

Branch network

Azania Bank has its headquarters in Dar-es-Salaam. As of December 2021, the bank maintained a network of branches at the following locations:

Governance

Azania Bank is governed by an eleven-person board of directors, of whom one is an executive director and ten are non-executive. The chairman of the board is Eng. Julius Ndyamukama, one of the non-executive directors. The managing director of Azania Bank is Esther Mangénya.

See also

References

  1. 1 2 Lamtey, Gadiosa (18 April 2018). "Azania Bank posts Sh1.8 billion profit after tax". The Citizen (Tanzania). Dar es Salaam. Retrieved 19 April 2018.
  2. 1 2 Azania Bank (28 January 2020). "Azania Bank Limited: Financial Condition As At 31 December 2019" (PDF). Dar es Salaam: Azania Bank Limited. Retrieved 27 November 2020.
  3. 1 2 "Bank M assets, liabilities transferred to Azania Bank". The EastAfrican Quoting Reuters. Nairobi. Reuters. 15 January 2019. Retrieved 20 January 2019.
  4. ↑ Azania Bank (31 December 2012). "Profile of Azania Bank Limited". Dar es Salaam: Azania Bank Limited. Archived from the original (Archived from the Original) on 8 November 2014. Retrieved 19 April 2018.
  5. ↑ Azania Bank (28 November 2020). "Shareholders of Azania Bank Tanzania Limited". Dar es Salaam: Azania Bank Limited. Retrieved 28 November 2020.
  6. ↑ Azazina Bank (19 April 2018). "Azania Bank Limited: Branch Network". Dar es Salaam: Azania Bank Limited. Retrieved 19 April 2018.
  7. ↑ Daily News Reporter (24 May 2012). "Azania Bank Embarks on Expansion". Tanzania Daily News. Dar es Salaam. Archived from the original (Archived from the original) on 9 November 2014. Retrieved 19 April 2018.