Tanzania's CRDB now eyes big borrowers

CRDB Bank ability to lend has reached 150bn/- to a single customer thanks to the bank’s over 600bn/- capital base.

The amount follows a successful rights issue that saw the bank mobilise extra capital after selling its 435 million shares to realise 152bn/-.

The Bank’s Managing Director, Dr Charles Kimei, said this when winding the customer week that they have a capital of 600bn/- with a balance sheet of slightly above 5tri/-. 

“We can now give out up to 150bn/- in loan to one client at ago,” Dr Kimei said while attributing the ability to successful right issue.

With that ability the bank is considering to open subsidiaries in Zambia and in the Democratic Republic of Congo (DRC) next year. 

Dr Kimei said at the weekend that the bank is currently finalising its feasibility studies before venturing into the two economies.

“We are looking at the regulatory environments there (Zambia and DRC) and the type of customers that we should anticipate there,” the CRDB Chief said. 

He told reporters during a special occasion, held at the bank’s Oysterbay Branch in the city, where CRDB cut a cake together with some of its clients as one of the many activities undertaken to mark this year’s Customer Service Week.

Dr Kimei, who offered a piece of cake to all of CRDB’s clients who participated in the occasion, said the bank has grown tremendously in the past few years to the extent that it is now capable of lending for multi-billion shilling project development needs.

For instance, the bank is main lender of the 150bn/- National Housing Corporation’s Morocco Square where as a main financer, dished out some 100bn/-.

He said the bank decided to get even closer to its clients during this year’s Customer Service Week so it can get some feedback on their clients’ views on CRDB’s products and services.

He said with a 16 per cent lending rate, CRDB has the best charges in the market where costs on loans go up to 24 per cent. “However, we knew that our clients may still have some more issues to tell us since there is always a room for improvement,” he said.

During this year’s Customer Service Week, CRDB also offered anti-cholera medicines worth 15m/- to Kinondoni Municipality. 

The bank also donated 200 desks valued 20m/- and another 100 desks at 10m/- to Ilala’s Buyuni Primary School and Muleba District Council respectively among others.
Source: Daily News, reported from Dar es Salaam, Tanzania
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