23 April 2014

Tanzania: CRDB Plans to Enhance International Operations

CRDB Bank is planning to have its international operations contribute between 3-5 per cent of the net income as one of the bank's target position by the year 2017.

The bank's profit for the year under review jumped to 84.4bn/- compared to 80.5bn/- registered in the previous year despite the increment of expenses due to continued investment geared at enhancing business volumes and building capacity for future growth in line with strategy.

According to the CRDB Bank's Business Strategy for 2013-17 presented to investors and analysts recently, the bank is expected to build its foothold in the East African Markets while enhancing its target market share of 5 per cent or more in Burundi during the period under review.

The bank has already stretched its prolific establishment in Burundi almost two years ago, solidifying its presence in Bujumbura thus becoming not just a bank but a leading entity driven by respect and credibility.

For example, the CRDB Burundi is planning to establish two additional branches and introduce the agent banking with expectation of growth momentum to continue and breakeven to be achieved by 2015.

Similarly, CRDB Bank's ATMs has started accepting China UnionPay (CUP) cards. The CUP, which is like the US MasterCard and visa cards, are the only debit/credit card for the world's second largest economy, which is accepted by all Chinese banks.

Apart from strengthening its competitive position in majority of its products, the bank plans to maintain position in total assets, loans and advances as well as the corporate deposits market while boosting the target share of banking system assets of 20-25 per cent.

CRDB Bank's Managing Director Dr Charles Kimei said recently at the Capital Markets Day Presentation to analysts and investors that the bank's 2014 strategic focus aims at building on the investments in delivery channels, systems and processes made in the preceding year.

"The Bank will focus on consolidation, productivity and efficient improvement," he said adding that, "Efforts will be made to drive sales and optimise value added services that will have developed for the market."

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