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 (former Ocean Road), in the city of

Dar es Salaam Dar es Salaam (; from ar, دَار السَّلَام, Dâr es-Selâm, lit=Abode of Peace) or commonly known as Dar, is the largest city and financial hub of Tanzania. It is also the capital of Dar es Salaam Region. With a population of over s ...

, 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 (Latitude:-6.802500; Longitude:39.286667).

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 TSh 532 billion (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 TSh 25 billion (US$17 million), of which TSh 9.3 billion (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 The banking license of Bank M was revoked by the Bank of Tanzania, the national banking regulator.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 In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

of the bank was owned by the following individuals and corporate entities. * Note: Totals may be slightly off due to rounding.

Branch Network

, Bank M maintains branches in the following locations, with a view to expand to other areas of Tanzania: (1) Main Branch - 8 Barack Obama Drive,

(2) Nyerere Road Branch - 27-28 Nyerere Road,

(3) Kisutu Street Branch - 29 Kisutu Street,

(4) Uhuru Street Branch - 27 Uhuru Street,

(5) Arusha Branch - 29 East Joel Maeda Road, Arusha (6) 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 was expected in the next 90 days. In January 2019, BOT transferred the assets of Bank M, estimated at about US$500 million at the time, to Azania Bank and permanently revoked Bank M's commercial banking license.

References

External links

Website of Bank M

Website of Bank of Tanzania

{{Economy of Tanzania Banks of Tanzania Companies of Tanzania Banks established in 2007 2007 establishments in Tanzania