WHAT IS CUSTODIAN/CUSTODIAN BANK ?
A custodian bank is a financial institution that holds customers’ securities for safekeeping to prevent them from being stolen or lost. The custodian may hold stocks, bonds, or other assets in electronic or physical form on behalf of its customers.
Often, a custodian bank does more than provide asset protection. It can manage customers’ accounts and transactions, manage the settlement of financial transactions, account for the status of assets, and ensure compliance with tax regulations.
CUSTODIANS IN TANZANIA
There are only six custodians in Tanzania financial market;
- STANDARD CHARTERED BANK ( Licence No : CS.0001 )
- CRDB BANK PLC ( Licence No : CS.0002 )
- STANBIC BANK (T) LIMITED (Licence No : CS.0003)
- AZANIA BANK LIMITED ( Licence No : CS.0004 )
- NMB BANK PLC ( Licence No : CS.0006 )
- I & M BANK (T) LIMITED ( Licence No : CS.0007 )