The Bank of Tanzania transferred the assets and liabilities of Bank M Tanzania PLC to Azania Bank Ltd., Reuters reported Jan. 15, citing Deputy Governor Bernard Kibesse.
The central bank placed Bank M under administration in August 2018 after it failed to meet liquidity requirements and maturing obligations. The lender had 1 trillion Tanzanian shillings of assets when the central bank intervened.
Kibesse said in a news conference that Azania Bank's capital will now be 164 billion shillings, compared to a minimum requirement of 15 billion shillings, Reuters added.
As of Jan. 15, US$1 was equivalent to 2,296.50 Tanzanian shillings.