Bank M


Bank M was a commercial bank in Tanzania. It was licensed by the Bank of Tanzania, the country's central bank and national banking regulator, to engage in commercial banking.

Location

The headquarters and main branch of Bank M were located at the Bank M Building, at 8 Barack Obama Drive, in the city of Dar es Salaam, th large city and financial capital of Tanzania. The geographical coordinates of the headquarters of the bank are: 06°48'09.0"S, 39°17'12.0"E.

Overview

The bank was a medium-sized financial services provider in Tanzania. It provided financial services to individuals, small to medium enterprises, and large corporations., the bank's total asset base was valued at about US$336.2 million.

History

The bank received its commercial banking license from the Bank of Tanzania in February 2007 and opened for business in July of the same year. Its authorized capital is approximately US $17 million, of which US $6.3 million had been paid up as of October 2010.
In January 2019, the assets and liabilities of Bank M were acquired by Azania Bank, another retail commercial bank. The banking license of Bank M was revoked by the Bank of Tanzania, the national banking regulator.

Ownership

Prior to its placement into receivership in August 2018, the stock of the bank was owned by the following individuals and corporate entities.
RankName of OwnerPercentage Ownership
1Vimal Mehta16.03
2Equity & Allied Limited12.17
3Sean Patrick Breslin11.63
4Africarriers Limited11.00
5Sanjeev10.53
6Noble Azania Investment Limited7.30
7Khaskar Nair7.09
8Sumaria Properties Limited4.87
9Simon & Roisin Gregory4.45
10Pride Tanzania Limited3.46
11Ramesh Patel3.26
12Gissings Directors Pension Scheme2.47
13Shiva Sanjeev Kumar1.42
14Caitrin Breslin0.90
Total100.00

, Bank M maintains branches in the following locations, with a view to expand to other areas of Tanzania: Main Branch - 8 Barack Obama Drive, Dar es Salaam Nyerere Road Branch - 27-28 Nyerere Road, Dar es Salaam Kisutu Street Branch - 29 Kisutu Street, Dar es Salaam Uhuru Street Branch - 27 Uhuru Street, Dar es Salaam Arusha Branch - 29 East Joel Maeda Road, Arusha Mwanza Branch - 62W Capri Point, Mwanza.

Receivership

On 2 August 2018, the Bank of Tanzania, seized Bank M, dismissed its board of directors and senior managers and appointed an administrator; thus placing the lender under "receivership", on account of failure to meet liquidity requirements. A decision on the way forward is expected in the next 90 days.