NIC-Tanzania which saw its earnings drop from Sh50million in 2013 to Sh15 million in 2012 also expects the capital injection to shield it against the risk of non performing loans.
"This additional capital will partly finance the growth of the loan book for 2014 and is expected to cushion the bank's undertaking in respect to its non-performing Loan book," said the firm's
It was later renamed NIC Bank Tanzania and currently has branches in Dar es Salaam, Arusha, Mwanza and Kahama.
NIC has already advanced the Tanzanian entity Sh308.1 million, with the remainder expected to be raised by the local shareholders by the end of June.
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