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The Central Bank of Tanzania (BOT) has authorized the merger of Twiga Bancorp Limited and TPB Bank Plc with effect from 17th May, 2018, the Deputy Governor Bernard Kibesse has announced in Dar es Salaam on Wednesday.

 

After the merger, according to Mr Kibesse, the name ‘TPB Bank Plc’ will be retained whereas customers, employees, assets and liabilities of Twiga Bancorp Ltd will be transferred to the newly formed TPB Bank Plc.

The Deputy Governor told reporters that the decisions have been taken by BOT “pursuant to the provisions of Section 30(I) (a) of Banking and Financial Institutions Act, 2006.”

 

Twiga Bancorp Ltd was put under Statutory Management of BOT with effect from 28th October, 2016 following its undercapitalization status.

 

“The merger will therefore relieve the Bank of Tanzania from management of Twiga Bancorp Limited and all affairs of Twiga Bancorp Limited with effect from 17th May, 2018 will be under TPB Bank Plc.

 

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