CRDB Bank set to cross border to Burundi in July

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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