China Commercial Bank put under receivership by Bank Of Tanzania
What you need to know:
- Bank of Tanzania’s Governor Prof Florens Luoga said this today November19, while speaking to journalists in Dodoma.
Dar es Salaam. The Bank of Tanzania (BoT) has taken over the administration of China Commercial Bank Limited with effect from November 19.
Bank of Tanzania’s Governor Prof Florens Luoga said this today November19, while speaking to journalists in Dodoma.
He said China Commercial Bank Limited has failed to meet regulatory requirements regarding capital adequacy and inability to effect restoration of capital to required levels.
Therefore, the Bank of Tanzania has, pursuant to powers conferred upon it under Section 56(1)(g)(i) and (iii) of the Banking and Financial Institutions Act, 2006, put China Commercial Bank under receivership, and also suspended the Board of Directors and Management of the bank.
“Be informed that the Bank of Tanzania has appointed Ms. Neema Koka to be the Statutory Manager with immediate effect to handle all matters pertaining to the statutory administration of China Commercial Bank Limited,” he said.
Further he said that in line with statutory administration procedures,China Commercial Bank Limited will not open doors for normal business for a period not exceeding ninety days, after which the Bank of Tanzania will determine the appropriate resolution option.
