Tanzania: National Bank of Commerce appoints new MD

9 Jun 2010

The National Bank of Commerce (NBC), the Absa Group's Tanzania- based subsidiary, has announced the appointment of Lawrence Mafuru, as the new MD with effect from June 2010.

Dr Mussa Assad, the chairman of the board of NBC in announcing the appointment said, Mafuru who succeeds Christo de Vries, will also form part of the Absa Africa Executive Committee and sit on the NBC board.

"This certified chartered banker from the Chartered Institute of Banking (UK) and a certified treasury practitioner - ACI Markets, has extensive knowledge and experience of the Tanzanian and broader East African banking industry," said Dr Assad.

Prior to joining NBC, Mafuru spent almost a decade at Standard Chartered Bank in Tanzania. His experience includes four years in Global Markets, where he was head of sales, rates and foreign exchange. In February 2009, Mafuru was appointed president of the ACI Financial Markets of Tanzania.

About the appointment, the NBC Board said: "In search of the right candidate, we considered both internal and external candidates. Lawrence's sound knowledge and experience stands him in good stead to continue steering the NBC ship. During his tenure as the head of treasury, he proved to be an invaluable member of the executive committee."