Exim Bank Tanzania now owns 100 per cent of the business and assets of United Bank Ltd (T), a subsidiary of Pakistan’s UBL Bank.
The acquisition, the first by a private bank in the country, goes toward consolidation of the country’s banking sector.
Exim Bank is now one of the top five banks in the country, with an asset base of $732.4 million.
“This is important for the financial health of the economy and to provide comprehensive products and services to customers. We are delighted by the diverse base of customers who will be joining the Exim Bank family, and we commit to ensuring that you continue to enjoy innovative solutions from us,’’ said Jaffari Matundu, Exim Bank’s chief executive officer.
Bankers see the new expansion as an opportunity for Exim Bank to increase its presence across the country. Currently, the bank has 33 branches countrywide.
“We pride ourselves in offering our customers competitive and excellent services, while innovation that suits your business requirements remains our core strength,” said Mr Matundu.
Exim Bank also operates in the Comoros, Djibouti and Uganda.
Currently, Tanzania’s financial sector has 41 commercial banks, three development banks, six community banks, two microfinance banks, about 100 microfinance institutions and over 6,000 Saccos.