CRDB Bank’s Burundi subsidiary has raked in more deposits
that expected signalling the need for the bank to prepare for consolidation
regionally in the next five years.
CRDB’s Managing Director, Dr Charles Kimei, said the
subsidiary in Inyenyeri, Bujumbura, has only one branch that also housed the
headquarters in Burundi. “The branch is simply growing very fast,” Dr Kimei
said during the bank’s investor and analyst day.
He said: “For the year 2012, with less than one month of its
operations, the net loss for the year stood at 300m/-, which is within our
expectations.” The branch, with one mobile branch and five ATMs, total assets
at the end of last year grew to 18.65bn/-.
CRDB Bank targets that by the year 2017, the subsidiary will
contribute between 3 per cent and 5 per cent of net income while acting as the
base-hold to build foothold in East African markets. “(We are) target a market
share of 5 per cent or more in Burundi by 2017,” Dr Kimei said.
The Burundi, the first of the CRDB overseas branch, was soft
opened last November, before being officially launched by the country’s
president, Pierre Nkurunziza, in December last year.
Source: The Daily News, www.dailynews.co.tz, reported from Dar es Salaam
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