INTERNATIONAL – Tanzania’s central bank has removed the chief executive of the state-run TIB Corporate Bank with immediate effect, citing poor performance of the financial institution.
Tanzanian lenders are facing increased supervision after a surge in non-performing loans eroded capital and dampened profits.
“The Bank of Tanzania has decided to suspend the appointment of Frank Nyabundege as managing director of TIB Corporate Bank ... following unsatisfactory performance of the bank,” the central bank said in a statement late on Saturday.
“This measure has been taken to improve the oversight and performance of banks owned by the government.”
Nyabundege was not immediately available for comment.