Tanzania Daily News (Dar es Salaam)

Tanzania: DTB Boosts Capital By Sh12.4 Billion

DIAMOND Trust Bank Tanzania (DTBT) has boosted its capital base by 12.4bn/- following the recently completed rights issue which was fully subscribed.

In a press statement issued in Dar es Salaam , DTB Group Chairman, Mr Abdul Samji, described the rights issue as "a major success. "The results of the rights issue are reflective of the strong support, loyalty and confidence DTB enjoys from its shareholders.

The bank had offered some 3.87 million rights to the shareholders at a discounted price of 3,200/- per new share. "A number of our shareholders have not only taken up their rights but many have also applied for additional shares," the chairman said.

Mr Samji said the bank's board had approved full allotment to all applications for rights entitled to, by the shareholders as well as all applications for additional shares. Following the rights issue, the bank's core capital had gone up to 48bn/-.

"With these new funds we will be able to continue with our plans for investment in branch expansion, technology and new products and explore additional opportunities to further strengthen our presence in Tanzania, a key market for the DTB Group", said Mr Samji.

DTB Tanzania currently has 16 branches across the country, with plans to double the footprint over the medium term. This significant expansion drive is in line with Diamond Trust Bank group's long-term strategy, dubbed as Vision 2020, which is aimed at up-scaling its operations throughout East Africa by continuing to rapidly expand its presence in major commercial sectors across the four markets - Tanzania, Kenya, Uganda and Burundi - the DTB franchise operates in.

DTB Tanzania is an affiliate of the Aga Khan Fund for Economic Development (AKFED), the economic development arm of the Aga Khan Development Network. The bank's other key shareholder is Diamond Trust Bank Kenya Limited, which is also an affiliate of AKFED.

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