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CMSA approves Rabobank share transfer in NMB

THE Capital Market and Securities Authority (CMSA) on Monday this week approved the transfer of NMB shares owned by Rabobank to Arise B.V (‘Arise’).

Arise B.V, an investment platform, is a leading African investment company (holding company) which is backed by reputable cornerstone investors.

The NMB Bank Plc Chief Executive Officer, Ruth Zaipuna, said in Dar es Salaam on Wednesday that the successful completion of the share transfer is a testimony 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 said.

The approval of share transfer will see 174,500,000 shares, which constitute a 34.9 per cent stake transferred to Arise.

The Investment Consortium was established in 2016 by Norway's state-owned private equity company, Norfund, Dutch development bank FMO and Dutch multinational financial services company, Rabobank.

This signifies that Rabobank is still part of NMB Bank owners through Arise. It aims at growing sustainably locally owned financial institutions and markets with strong potential, with NMB and Tanzania being one of the preferred investment destinations in Sub Saharan Africa.

The CMSA approval comes after Rabobank had lodged its share transfer request and received necessary regulatory approvals from responsible regulatory authorities in the country.

It should be noted that NMB is Tanzania’s largest bank by assets according to the Q3 2020 financial results. Its total assets increased to a record of 7.0tri/- in Q3 2020 up from 6.1tri/- in Q3 2019.

It is also the most profitable bank in Tanzania, having recorded an impressive 145bn/- net profit in the Quarter ended 30 September 2020 up from 82bn/-registered in 2019.

Undoubtedly this long-term investment by 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, SMEs and Agriculture sectors.

NMB would like to thank all its shareholders, strategic partners, customers and staff for continued faith and dedication to the organization.

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Author: DAILY NEWS REPORTER

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