BANK M Tanzania has started procedures to issue an Initial Public Offer (IPO) at the Dar es Salaam Stock Exchange (DSE) in a bid to raise additional capital of 50bn/-.
The bank’s Chief Executive Officer
Designate Ms Jacquiline Woiso said in Dar es Salaam on Tuesday while
announcing the bank’s financial results for the first quarter 2016
engagement with the regulators, the Capital Markets and Security
Authority (CMSA) and Bank of Tanzania (BoT) have started.
“The capital plans are scheduled for the
second and third quarter this year and subject for approval by the
regulatory authorities,” she said. She said the issuance of an IPO as
well as the private placement are in line with the bank’s plan to
increase its core capital to about 50bn/-.
Bank M is expected to be the eighth bank
to go public after the CRDB, National Microfinance Bank (NMB), DCB
Commercial Bank listed at the main market segment while Mkombozi Bank,
Mwalimu Bank, Maendeleo Bank and Yetu Microfinance Bank fall under the
Enterprise Growth Market (EGM).
Ms Woiso said in terms of product
development, the bank is in the process of rolling out two products in
the market, that is ‘Money Moja kwa Moja’ that will enable the bank’s
clients to upload their outward clearing cheques from the convenience of
their offices rather than operating through traditional ways.
The other product in the pipeline is
cash management which will assist the bank’s clients in faster
realisation of their accounts receivables, processing of payments and
overall liquidity management through a centralised portal.
In the first quarter, Bank M Tanzania
registered superb 2016 first quarter performance after posting pre-tax
profit of 7.4bn/- compared to 6.13bn/- for the same period last year
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