CRDB Mulls Extending to Burundi

The Citizen (Dar es Salaam)

Zephania Ubwani

28 June 2011

Arusha — The CRBD Bank is planning to extend services to Burundi, its managing director, Dr Charles Kimei, disclosed here at the weekend.

He said the bank was still studying which financial institution to link up with in setting up a branch in the tiny state that joined the East African Community (EAC) in 2007.

He revealed this to reporters during the bank’s shareholders’ conference which ended in Arusha on Saturday. He said the bank also had plans to set up branches in the other EAC partner states, but would not say when that would be realised.

“Our strategy is to extend to other EA states. But we are still doing a study,” he said on the sidelines of the share holders meeting held at the Arusha International Conference Centre (AICC).

He said the bank, which listed on the Dar es Salaam Stock Exchange (DSE) in 2007, was keen to expand its services countrywide and in neighboring countries.

The bank which made a pre-tax profit of Sh66 billion last year, has over 70 branches scattered across the country. Dr Kimei added that the CRDB Bank was keen to sell its shares to the public, but blamed a shortage of brokers as hindering the exercise.

This year’s meeting specifically aimed at sensitising the shareholders on buying and selling of shares by the bank to the public. Former Prime Minister Frederick Sumaye was elected a member of the bank’s board of directors, following retirement of a former member.

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