AboutTanzania Commercial Bank (TCB)
Tanzania Commercial Bank, formerly known as TPB Bank Plc, is a commercial bank in Tanzania. It is licensed and supervised by the Bank of Tanzania, the central bank and national banking regulator
Tanganyika Postal Office Savings Bank (TPOSB) now Tanzania Commercial Bank came into being in 1925 when Tanganyika was under British Rule. It later became a Savings Bank under the then East African Post and Telecommunications which ceased to operate after the collapse of the East African Community. The Tanzania Posts & Telecommunications Corporation (TP&TC) came into being to cater for the Tanzanian market. TPB was formed from the now defunct TP&TC. TPB was established by the Tanzania Postal Bank Act No. 11 of 1991. On Monday the 29th of June 2015, the Parliament of the United Republic of Tanzania repealed the Act and on the 29th of March 2016 the bank was incorporated under the Companies Act (Cap 212) as TPB Bank PLC. On Thursday 19th January 2017, the bank unveiled it’s the name TPB Bank PLC to the public as well as its new logo and tagline (Grow with us). On the 14th July 2021 the bank changed its name to Tanzania Commercial Bank Plc with a tagline ‘Growing stronger together’.
Financial sector reform
After the government of Tanzania began financial sector reform following the end of Ujamaa economic policies in the country, the Tanzania Post office Savings bank was transformed into a separate entity, the Tanzania Postal Bank. The Tanzania Postal Bank Act No. 11 of 1991 created the bank as a separate entity from the Tanzania Posts and Telecommunications Corporation. Since attaining its independence, the bank has provided services to a much larger population than before and it has begun to provide a profit to the government.
Public limited company
In 2015 the bank management declared that the bank will list the bank on the Dar es Salaam Stock Exchange, in order to raise capital to expand and automate the companies operations.[5] On January 19, 2017, the bank officially rebranded the company and Tanzania Postal Bank Limited changed its name to TPB Bank Plc.
Mergers and acquisitions
In 2018, the Bank of Tanzania merged Twiga Bancorp and Tanzania Women’s Bank into Tanzania Postal Bank due to their poor performance. In June 2020, the central bank merged TIB Commercial Bank Limited into TPB. The merger is set to bring the total assets of the bank to over 1 trillion Tanzanian Shillings.