19 September 2010

Tanzania: CF Union Bank Changes Name

Dar es Salaam — AFTER the buyout of the CF Union's shareholders by a consortium led by Kenya's I&M Bank Limited in January, this year, the CF Union Bank Limited will now be renamed I&M Bank (T) Ltd.

I&M Bank (T) Limited Chairman, Mr Sarit Raja Shah said over the weekend that the bank relies on support from its customers to prosper.

"Its through loyal support, both in good and bad times which has been built over time that forges strong bonds between the bank and its customers", he said.

He said that he was impressed by the manner the CF Union enjoyed amongst its clientele and the way it sustained its market share through personalized and prompt banking service.

He said I&M Bank Limited, like CF Union Bank, is built on pillars of strong and longstanding customer relationships, whereby both the bank and customers have grown in a mutual beneficial manner.

He said the change of name will be effected through a total re-branding exercise that will see all the existing branches bear the new I&M Bank logo.

He said the new corporate image will affirm the bank's strategy to develop as a corporate genuinely interested in long term relationships with its customers.

He said the bank's new shareholders had recently increased the paid up capital to 8.127bn/-. "The additional Tier 1 capital will strengthen the capital base and increase the single obligor limit", he said.

He added that the bank is supporting regional trade especially between Tanzania and Kenya and looks forward to welcoming customers who would like to deal with a regional bank with presence in both countries.

He said the I&M Bank's vision is to become a company where the "best people want to work, the first choice where customers want to do business and where shareholders are happy with their investment.

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