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Tanzania: Bank of Baroda Boosts Arusha's 'Wall Street'
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Arusha Times (Arusha)
18 August 2007
Posted to the web 19 August 2007
Valentine Marc Nkwame
Arusha
It was compelled to close shop in 1967 following the rather stern, Arusha Declaration strategies, under which most foreign owned businesses and companies, including financial institutions, were nationalized. Now the Bank of Baroda has just opened the first ever Arusha branch, three years after its comeback to Tanzania.
The India's international bank is intending to make a strong presence in the town where the Arusha Declaration was made. It is under this declaration that the Baroda group was forced to leave Tanzania, living practically all its assets behind. The Baroda banking operations were turned into the National Bank of Commerce and subsequently the National Micro-Finance Bank (NMB).
"Tanzania was the only missing link in our vision to form a special East African Baroda Corporate network," said the bank's global Executive Director, V. Santhana Raman. Bank of Baroda returned to Tanzania in 2004 with the opening of BOB bank of Dar-es-salaam. The first Arusha branch establishment also went hand-in-hand with the inauguration of a second branch in Dar.
"After Arusha we are now eyeing Mwanza," added the Managing Director for Bank of Baroda in Tanzania, Umakant K. Bijapur. Prior to the 1967 Arusha declaration, the bank's only branch in the north was the Moshi branch.
"But aren't there any other plans to re-establish the bank branch in Moshi Municipality?" To these the BOB officers were not sure. "At the moment we target strategic places, we don't intend to trace formerly beaten tracks," explained Raman.
Bank of Baroda the 5th largest bank in India boasts close to 30 million customers in India alone. It's start in Tanzania seems lucrative with over 5000 clients in just three years. Arusha itself has attracted about 1000 new customers so far.
With a network of over 2800 branches and offices, and about 700 ATMs, Bank of Baroda formed in 1908, offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, credit cards and asset management.
The Arusha Branch for India's oldest bank which is now 100 years old, was officially inaugurated by Col. Samuel Ndomba the Regional Commissioner, an event which was also graced by V. Santhana Raman, the global executive director for the Mumbai based financial institution and his Tanzanian counterpart, Prof. Mathew Luhanga.
Bank of Baroda's Arusha presence is yet another economic boost for the Goliondoi road, which is taking shape as Arusha's own Wall Street. Occupying the former 'Chissels' Arusha Duty Free premises, the new bank is situated right across the road from the Kenya Commercial Bank, within the vicinity which also hosts four other banks, including the Export and Import (EXIM) bank of India.
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Arusha's Wall Street is also home to the Standard Chattered Bank situated opposite Exim Bank, KCB located opposite the Bank of Baroda and Stanbic bank which stands at its further end, across the Uhuru-Sokoine road. Stanbic Bank on the other hand, is right next to the National Commercial Bank (NBC).
Goliondoi road is an active business center where several local Tour companies, tanzanite gemstone dealers, electronics outlets, various trading organizations and Forex shops can be found.
Other large commercial establishments found along Goliondoi road are the local agent for the Japan's largest Automobile manufacturing company, Toyota, cell phone service providers, for example, Celtel, Vodacom and tiGO operate from Goliondoi or nearby.
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