Tanzania’s second largest commercial bank eyes market in DR Congo

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CRDB Bank, Tanzania’s second largest commercial bank, is planning to expand its banking services to the Democratic Republic of the Congo (DR Congo) in an effort to explore opportunities available in the mineral-rich nation, its senior official said on Wednesday.banks

The move came barely one year after the bank started recording outstanding returns in a newly established subsidiary branch in Burundi, a member of the East African Community (EAC).
DR Congo is one of the members of the Southern African Development Community (SADC) with high demand of banking services, but the general state of insecurity makes it less viable for investment, Managing Director of CRDB Bank Charles Kimei said in Arusha when speaking on the bank’s future plans.
“Congo, particularly Eastern Congo, is not an easy environment but opportunities abound,” the official said.
The bank is targeting cities located in the southeastern part of DR Congo such as Lubumbashi, Bukavu and as far as Kisangani.
“Our aim is to explore the African regional potential,” the official said.
CRDB Bank was formed when the former Cooperative Rural Development Bank which was wholly Tanzania’s government owned was privatized, recapitalized and restructured. It is largely owned by local Tanzanians who have shares in the banking institution.
As of November 2014, CRDB Bank has a network of 118 fixed branches, 13 mobile branches, 984 Point of Sales (POS) terminals and 335 Automated teller machines in Tanzania. Enditem

Source: Xinhua

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