Absa Group is close to merging its two Tanzanian banks into a single lender with about $3 billion in assets, creating the country's third-largest bank.
Africa · Eastern
Key Facts
—The deal. Absa Group plans to fold Absa Bank Tanzania into National Bank of Commerce, creating a single lender.
—The scale. The combined entity would hold about US$3 billion in assets, ranking third in Tanzania.
—Ownership. Absa controls 55% of NBC; the Tanzanian government holds a 30% stake.
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