THE government announced to merge TPB Bank Plc and TIB Corporate Limited (TIB Corporate) operations effective from yesterday.
The revelation was made here yesterday by Treasury Registrar, Athumani Mbutuka, while addressing reporters, adding that the decision was in line with a number of measures the State has been taking to improve performance of the public institutions.
“The government has continued to take various measures aimed at improving performance of public institutions, including merging institutions with similar roles in order to increase efficiency and reduce operational costs,” pointed out, the Treasury Registrar.
With effect from yesterday, Mr Mbutuka, said TPB will acquire all assets and liabilities of TIB Corporate.
He further said the decision is aimed at enhancing performance of the banks to have strong financial basis and sustainable financial institutions, which are capable of effectively and efficiently serving customers.
Equally, Mr Mbutuka said the merger is aimed at bringing major reforms in the structures, corporate image and creating a system that would enhance them to have a competitive edge among other commercial banks in the market.
However, he assured the public that it will continue to support the banks by ensuring consistent and sustainable performance, which protects interests of their customers and depositors in accordance with the laid down laws and regulations.
“All customers of the two banks will continue to be served at their respective branches until further notice. The government would like to assure the customers of both the banks and general public that banking services will not be affected in any way due to these changes” he added.
This is the third merger TPB Bank P/C is witnessing after initially incorporating Twiga Bankcorp bank and Tanzania Women bank.