The Barclay Group Africa is having ongoing discussions with Bank of Tanzania on the prospects of combining operation of the units of the two banks.
The two banks have been operating independently for the last three years despite being owned by a single entity – Barclays Africa Group. In 2013, ABSA of South Africa bought the majority of the Barclays Plc operations in Africa and created the said group.
Barclays Tanzania and NBC have been independently operating banks in the country for the period of three years, although in actual sense the two banks are owned by one entity that is Barclays Africa Group. This followed the buying of the majority shares of Barclays Plc by ABSA in 2013, which resulted to the creation of Barclays Africa group.
Barclays Africa Chief Operating Officer David Hodnett said discussions are still underway with BoT on merging Barclays Tanzania and NBC making them a single entity.
“We are working with the authority for sustainable way forward of the two banks,” Mr Hodnett, who is based in Johannesburg, South Africa told ‘Daily News’ during a tele-conference on Tuesday.
Director Kihara Maina Barclays Tanzania Managing said, there are ongoing discussions on the merger but he reassured the public that soon after the decision is made the information will be made public.”The talks are underway, once they are concluded we will make them public,” Mr Kihara said.
Barclays Africa was the sole owner of Barclays Tanzania 100 per cent and at the moment the Tanzania franchise has 80,000 customers with 500 members of staff and 22 branches. While NBC, serving Tanzanians for some 45 years, has more than 52 branches country wide.