CRDB Bank

Last updated

CRDB Bank Plc
Company type Public
DSE:  CRDB
Industry Financial services
Founded1996;28 years ago (1996)
HeadquartersAlly Hassan Mwinyi Road, Dar es Salaam, Tanzania
Key people
Ally Hussein Laay
Chairman
Abdulmajid Mussa Nsekela
Managing Director
ProductsSavings products, Loans, Trade Finance, Investments, Treasury products, Credit Cards, Mortgages, Microfinance products, Agency Banking services, Premier Banking services, E-banking products, Insurance,
RevenueIncrease2.svgAftertax:TZS424 billion (approx. US$:164.86 million) (2023) [1]
Total assets TZS13 trillion (approx. US$:5.055 billion) (2024) [1]
Number of employees
3,729 (2022)
Website Bank website

CRDB Bank Plc is a commercial bank in Tanzania. It is licensed by the Bank of Tanzania, the central bank and national banking regulator. [2] As of September 2022, CRDB Bank was the largest commercial bank in Tanzania. [3]

Contents

Location

The headquarters are located at Palm Beach, Upanga East, Ally Hassan Mwinyi Road in Dar es Salaam, the financial capital and largest city in Tanzania. [4] The geographical coordinates of the bank's headquarters at Latitude:-6.799562, Longitude:39.28344. [5]

Overview

As of 31 December 2023, the bank's total assets were valued at TSh:13 trillion (approx. US$:5.055 billion). Customer deposits were valued at TSh:8.9 trillion (approx. US$:5.46 billion). The bank's loan book totaled TSh:8.5 trillion (approx. US$:5.46 billion). In the 12 months ended December 2023, the bank's after-tax profit was TSh:424 billion (approx. US$:164.86 million). [1]

Credit rating

In August 2016, Moody's Investors Services gave CRDB Bank a "B1 stable outlook" rating. Moody's said it based this rating on the bank's "impressive and consistent performances in local currency deposit ratings, foreign currency deposit ratings and baseline credit assessment". [6]

History

The bank was founded in July 1984, as Cooperative Rural Development Bank (CRDB) of Tanzania. Following the privatization of state-owned firms by the Tanzanian government, the bank was privatized in 1996 and became CRDB (1996) Limited. In 1996, the Danish International Development Agency (DANIDA) acquired a 30 percent ownership stake in the bank. The shares of stock of the bank were listed on the Dar es Salaam Stock Exchange on 17 June 2009. [7]

Ownership

Since 2009, the shares of stock of CRDB Bank Plc are listed on the Dar es Salaam Stock Exchange, where they trade under the symbol: CRDB. As of 31 March 2023, the shares of company stock were owned by parastatal companies, local and foreign institutions together with private individuals. [8]

CRDB Bank Plc Shareholding Structure as at 31 March 2023
S/NShareholderShares% Ownership
1. Danida Investment Fund 548,067,648
21.0
2.PSSF Pension Fund346,761,028
13.3
3. National Social Security Fund (Uganda) 196,456,402
7.5
4.Kimberlite Frontier Master Africa Fund LP104,831,106
4.0
5.Abbas Export Limited56,000,000
2.1
6.Banque Pictet and CIE SA A/C Patrick Shegg50,754,057
1.9
7.Change Global Frontier Market, PL Fund-CGPA44,216,540
1.7
8.Zanzibar Social Security Fund36,828,104
1.4
9.Wegen Kilimanjaro Frontier Africa Fund33,173,059
1.3
10.Hans Aingaya Macha32,764,200
1.3
11.National Health Insurance Fund - Tanzania32,040,040
1.2
12.Duet Africa Opportunities Master Fund IC30,569,430
1.2
13.CMG Investment Limited29,330,971
1.1
14.More than 28,000 shareholders1,070,045,999
41.0
Grand Total2,611,838,584
100.0

CRDB Bank Group

The CRDB Bank Group comprises CRDB Bank Plc and four subsidiaries namely (a) CRDB Microfinance Services Limited (b) CRDB Insurance Company [9] (c) CRDB Bank Burundi and (d) CRDB Bank DR Congo. [10]

In 2021 the bank established "CRDB Al Barakah Banking", a unit that offers Shariah-compliant services. In 2024, that unit started offering "Takaful Insurance" in the sectors of automobile, home, business, fire, transportation and machinery. As of February 2024, the Sharia unit had generated business in excess of TSh125 billion (US$49 million). [11]

In May 2024, the group indicated its intentions to establish subsidiaries in Zambia, Comoros, Uganda, Malawi and Rwanda. [12] [13]

Governance

As of September 2023, Ally Hussein Laay served as the chairman of the thirteen-person board of directors and Abdulmajid Mussa Nsekela was the managing director and chief executive officer. [14]

See also

  1. List of banks in Tanzania
  2. Microfinance in Tanzania

Related Research Articles

<span class="mw-page-title-main">Tanga Cement</span> Tanzanian cement manufacturer

Tanga Cement Public Limited Company is a cement manufacturing company in Tanzania. Its shares of stock are listed on the Dar es Salaam Stock Exchange, where they trade under the symbol TCCL.

<span class="mw-page-title-main">National Bank of Commerce (Tanzania)</span>

National Bank of Commerce (Tanzania), whose full name is National Bank of Commerce (Tanzania) Limited, sometimes referred to as NBC (Tanzania), or as NBC (Tanzania) Limited, is a commercial bank in Tanzania. It is one of the commercial banks licensed by the Bank of Tanzania, the country's central bank and the national banking regulator. In August 2019, the bank was fined TSh 1 billion (US$435,000) because of the failure to establish a data center in the East African nation.

<span class="mw-page-title-main">NMB Bank Tanzania</span> Commercial bank in Tanzania

NMB Bank Plc., is a commercial bank in Tanzania. It is licensed by the Bank of Tanzania, the central bank and national banking regulator.

Exim Bank (Tanzania) (EBT), is a commercial bank in Tanzania, the second-largest economy in the East African Community. The bank is licensed by the Bank of Tanzania, which is the country's central bank and national banking regulator.

Bank M was a commercial bank in Tanzania. It was licensed by the Bank of Tanzania, the country's central bank and national banking regulator, to engage in commercial banking.

Dar es Salaam Community Bank (DCB), whose official name is DCB Commercial Bank, but is commonly called DCB Bank, is a commercial bank in Tanzania. It is licensed by the Bank of Tanzania, the central bank and national banking regulator.

<span class="mw-page-title-main">Mkombozi Commercial Bank</span> Tanzanian banking and financial service corporation

Mkombozi Commercial Bank Plc. is a commercial bank in Tanzania. It is licensed by Bank of Tanzania, the central bank and national banking regulator. Mkombozi is a Swahili word meaning Savior

<span class="mw-page-title-main">TIB Development Bank</span>

TIB Development Bank, formerly known as Tanzania Investment Bank (TIB), is a government-owned development bank in Tanzania. The bank is the first development finance institution established by the Government of Tanzania. The activities of TIB are supervised by the Bank of Tanzania, the central bank and national banking regulator. TIB is registered as a Development Financial Institution.

<span class="mw-page-title-main">NCBA Bank Tanzania</span> Tanzanian commercial bank

NCBA Bank Tanzania Limited, is a merged bank between Commercial Bank of Africa (Tanzania) and NIC Bank Tanzania. It is a commercial bank in Tanzania licensed by the Bank of Tanzania, the central bank and national banking regulator.

Letshego Bank Tanzania Limited, commonly known as Letshego Bank is a commercial bank in Tanzania, licensed by Bank of Tanzania, the central bank and national banking regulator.

Tanzania Women Bank Limited (TWBL) is a Tanzanian bank that specialises in providing financial services to women. It is listed as a "Registered Financial Institution" by the Bank of Tanzania, the central bank and national banking regulator.

Selcom Microfinance Bank Tanzania (SMBT), previously known as Access Microfinance Bank Tanzania (AMBT), is a microfinance bank located in Tanzania. It is licensed by the Bank of Tanzania, the central bank and national banking regulator.

<span class="mw-page-title-main">Yetu Microfinance</span> Tanzanian microfinance bank

Yetu Microfinance Bank Plc. (YETU) is a microfinance bank in Tanzania. It is the first microfinance institution to be listed in the Dar es Salaam Stock Exchange. Yetu is a Swahili word which means Ours.

Amana Bank is a commercial bank in Tanzania. It is licensed by the Bank of Tanzania, the central bank and national banking regulator.

Tanzania Commercial Bank, formerly known as TPB Bank Plc, is a commercial bank in Tanzania. It is licensed and supervised by the Bank of Tanzania, the central bank and national banking regulator.

The Bank of Baroda Tanzania Limited (BBTL), also known as the Bank of Baroda Tanzania, is a commercial bank in Tanzania. It is one of the commercial banks licensed by the Bank of Tanzania, the national banking regulator.

Mwanga Hakika Bank (MHB), whose official name is Mwanga Hakika Bank Limited, is a commercial bank in Tanzania. It is licensed by the Bank of Tanzania, the central bank and national banking regulator.

CRDB Bank Burundi, also CRDB Bank Burundi S.A., is a commercial bank in Burundi. It is licensed and supervised by the Bank of the Republic of Burundi, the central bank and national banking regulator. The commercial bank was established on 7 December 2012, as a 100 percent subsidiary of CRDB Bank Plc, based in neighboring Tanzania.

The CRDB Bank Group, is a privately owned conglomerate in Tanzania. The anchor company in the group is CRDB Bank Plc., the largest commercial bank in Tanzania, based on assets. As of 31 December 2023 CRDB Bank had assets valued at TSh10.897 trillion.

References

  1. 1 2 3 TDN (31 January 2024). "CRDB posts all-time high net profit in 2023". Tanzania Daily News (TDN). Dar es Salaam, Tanzania. Retrieved 3 April 2024.
  2. ↑ Bank of Tanzania (30 June 2023). "Directory of Banks and Financial Institutions Operating in Tanzania as at 30th June 2023". Bank of Tanzania . Dar es Salaam, Tanzania. Retrieved 12 September 2023.
  3. ↑ Emmanuel Abara Benson (16 September 2022). "Tanzania's largest commercial bank just raised $130 million to boost lending to real sector". Africa Business Insider. Lagos, Nigeria. Retrieved 12 September 2023.
  4. ↑ Commonwealth of Nations Organisation (10 May 2018). "The Headquarters of CRDB Bank Public Limited Company". Cambridge, United Kingdom: Commonwealthofnations.org. Retrieved 10 May 2018.
  5. ↑ "Location of the Headquarters of CRDB Bank, Azikiwe Street, Dar es Salaam" (Map). Google Maps . Retrieved 10 May 2018.
  6. ↑ The Citizen Tanzania (18 August 2016). "CRDB gets Moody's stable rating status". The Citizen (Tanzania) . Dar es Salaam, Tanzania. Retrieved 12 September 2023.
  7. ↑ IFC (16 June 2015). "International Finance Corporation Disclosures: The proposed project involves an equity investment in CRDB Bank in Tanzania". International Finance Corporation (IFC). Washington, DC, United States. Retrieved 12 September 2023.
  8. ↑ CRDB Bank (31 March 2023). "CRDB Bank Plc Shareholding Structure As At 31 March 2023" (PDF). CRDB Bank Plc. Dar es Salaam, Tanzania. Retrieved 3 April 2024.
  9. ↑ Zephania Ubwani (18 May 2023). "CRDB Bank Plc ventures into insurance business with new subsidiary". The Citizen (Tanzania) . Dar es Salaam, Tanzania. Retrieved 13 September 2023.
  10. ↑ Josephine Christopher (5 May 2023). "Tanzania's CRDB Bank gets license to operate in DR Congo". The Citizen (Tanzania) . Dar es Salaam, Tanzania. Retrieved 13 September 2023.
  11. ↑ The Citizen Tanzania (29 February 2024). "CRDB Initiates Shariah-compliant "Takaful" Insurance". The Citizen (Tanzania) . Dar es Salaam. Retrieved 6 March 2024.
  12. ↑ The Citizen Tanzania (17 May 2024). "CRDB Bank to expand footprint in Africa following success in Burundi". The Citizen (Tanzania) . Dar es Salaam, Tanzania. Retrieved 19 May 2024.
  13. ↑ Marc Nkwame (17 May 2024). "CRDB to launch new branches in three more African countries". IPP Media. Dar es Salaam, Tanzania. Retrieved 19 May 2024.
  14. ↑ CRDB Bank (13 September 2023). "Board of Directors of CRDB Bank Plc". CRDB Bank Plc. Dar es Salaam, Tanzania. Retrieved 13 September 2023.

06°48′53.5″S39°17′15.5″E / 6.814861°S 39.287639°E / -6.814861; 39.287639

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.