The Bank traces its origins to 1967 when the Tanzanian Government nationalized all financial institutions, including banks.
In 1991, the banking industry was amended and six years later, in 1997
The institution then known as National Bank of Commerce, was split into three separate entities:
- NBC Holding Corporation
- National Microfinance Bank (NMB)
- NBC (1997) Limited
In 2000, South African financial services group Absa Group Limited acquired a majority stake in NBC.
The Government of Tanzania retained a 30% shareholding and the International Finance Corporation (IFC), a member of the World Bank Group, took up 15% shareholding in the bank. The new entity became known as NBC Limited.