30 November 2016

Tanzania: CRDB - We'll Open 11 More Branches to Gain Foothold

Dar es Salaam — CRDB Bank will open 11 more branches during the coming few weeks, the company said yesterday, rubbishing assumptions that it would close some of its outlets in a cost-cutting approach.

On Monday, some people -- who the bank terms as "having hidden and malicious motives' -- circulated a statement on social media, claiming that Tanzania's largest bank would close some of its branches to reduce operational costs as illiquid bites.

But CRDB Bank managing director, Dr Charles Kimei rubbished the statement yesterday, calling it a "well orchestrated move by some unscrupulous people to tarnish the image of a financially sound entity".

"Not even a single branch will be closed. In fact, we are opening 11 more branches in the coming few weeks and that will bring to around 300 the total number of our branches. No other bank has such a number of outlets in this country... .The circulated statement is simply the work of an unscrupulous individual who harbours malicious motives against CRDB," Dr Kimei said.

The 11 branches will be opened in Muheza and Handeni in Tanga, Dodoma, Chake Chake in Pemba, Ruangwa in Lindi, Chato in Geita, Dangote in Mtwara, Mbeya, Mkwawa in Iringa, Tarakea in Rombo, Mikumi and Kigamboni in Dar es Salaam. "This is the time when banks are being challenged to become more aggressive in mobilising deposits and to do so, we need to go closer to the people and opening more branches will be the best way to meet the goal," he said.

He also refuted claims that the bank was no longer issuing loans, saying a lot of applications were being processed.

"What I do know is that commercial banks have become more cautious in the issuance of loans so analysis of applications may vary depending on the segment and the amount of credit requested," he said

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