CRDB Bank is set to open its first cross border branch in Bujumbura,
Burundi, by the end of July this year in a bid to turn itself into a regional
bank.
It would be the first local bank to run business in another East
African Community member state. Several Kenyan financial institutions – banks
and insurance firms – have regional branches in other EAC countries.
The CRDB acting director of corporate banking, Mr Nicomed Bohay,
yesterday told a business breakfast meeting that the bank organised for its
customers that it was planning to open the branch in July.
The Eastern and Southern African Trade and Development established
under the auspices of the Preferential Trade Area treaty in 1985, has
partnership with the CRDB in financing long term projects for both private and
public sector.
“We are just waiting for the licence from Burundi authorities, but we
expect the branch to open in July this year,” said Mr Bohay.
Meanwhile, CRDB Bank and PTA have urged the private and public sectors
in the country to explore opportunities to access long term financing for
various economic projects.
“I see a lot of opportunities in private sector development. I urge all
to explore opportunities by taking loan facilities for development projects,”
said PTA bank director William Mlaki.
The CRDB Bank managing director, Dr Charles Kimei, invited the business
community to use the opportunity as most commercial banks in the country do not
offer long-term financial assistance.
“We are not competing but complementing financial institutions. Our
purpose today is to open up the minds of the business community as they have
limited financial resources,” he said.
On behalf of the business community in the country, the chief executive
of Super Group, Mr Seif Seif, urged PTA bank to focus on Tanzania and speed up
the process of financing projects.
PTA bank through its trade
finance project and finance windows provides financial resources to both public
and private sector projects in manufacturing, agro-industry, energy, mining,
infrastructure and tourism.
Source: The Citizen,http://www.thecitizen.co.tz/, reported by Alawi Masare
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