CRDB Bank DR Congo

Last updated
CRDB Bank DR Congo
Company typeSubsidiary of CRDB Bank Group , DSE :CRDB
IndustryBanking
FoundedJuly 10, 2023;14 months ago (2023-07-10) [1]
HeadquartersHypnose Building
826 Avenue Mama Yemo, Lubumbashi, DR Congo [2]
Key people
Fred Msemwa
Chairman [3]
Jessica Nyachiro
CEO/Managing Director [4]
ProductsLoans, credit cards, savings, investments, mortgages
RevenueDecrease2.svg:Aftertax:US$1,626,500 (TSh4.2 billion) [5]
Total assets US$45.3 million (2023) [6]
Website crdbbank.cd/en/

CRDB Bank DR Congo, is a commercial bank in the Democratic Republic of the Congo. It is licensed by the Central Bank of the Congo, the central bank and national banking regulator. [2] [7] CRDB Bank DR Congo opened for business in Lumumbashi, Haut-Katanga Province on 10 July 2023. [1]

Contents

History

After making preparations, the CRDB Bank Group of Tanzania, planned to start an operational banking subsidiary in the Democratic Republic of the Congo in 2022. [8] [9] [10] After several delays, the bank opened its first branch in the southeastern city of Lubumbashi, in Haut-Katanga Province on 10 July 2023. Construction work on the bank's headquarters and main branch in Lubumbashi began in March 2022, at a contract price of US$595,000. [11]

Location

The headquarters of CRDB Bank DR Congo are located at Hypnose Building, 826 Avenue Mama Yemo, in the city of Lubumbashi, in the Haut-Katanga Province, in the extreme southeastern part of the country. [2] [12]

Overview

CRDB Bank DR Congo started with investment capital of US$30 million from three institutional investors: (a) CRDB Bank Plc of Tanzania [13] (b) Investment Fund for Developing Countries (IFU) of Denmark [13] and (c) Norfund of Norway. [14] As of 31 December 2023, the bank's total assets were valued at US$45.3 million, with customer deposits of US$900,000. [6]

CRDB Bank Group

CRDB Bank DRC Congo is a member of the CRDB Bank Group of Companies, comprising CRDB Bank Plc in Tanzania, CRDB Bank Burundi in Burundi and CRDB Bank DR Congo in DR Congo. The Group also maintains a fourth subsidiary, CRDB Insurance Company Limited, active in Tanzania. The shares of stock of the group are traded on the Dar es Salaam Stock Exchange, under the symbol: CRDB. [15] [16]

Branches

In May 2023, at the time of initial licensing, CRBD Bank DR Congo planned to start with opening its headquarters and main branch in Lubumbashi. Over time, during the first three years of its operations, the bank expects to open more branches in other DRC cities, including Kinshasa, Kolwezi, Tshikapa, Kisangani and other cities in Tanganyika Province, North Kivu Province and South Kivu Province. [7] [17]

Shareholding

The bank is a greenfield start-up by one financial services conglomerate based in Tanzania and two Scandinavian development financial houses. The table below illustrates the shareholding in the core capital of the bank as of April 2023.

CRDB Bank DR Congo Stock Ownership
RankName of OwnerDollar Investments % OwnershipNotes
1 CRDB Bank Group of Tanzania
16.5 million
55.00
 [7]
2 Investment Fund for Developing Countries (IFU) of Denmark
6.75 million
22.5
 [4]
3 Norfund of Norway
6.75 million
22.5
 [12]
Total
30.00 million
100.00

Governance

As of November 2023, the chairman of the board of directors is Fred Msemwa. [3] The managing director is Jessica Nyachiro. [4]

See also

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References

  1. 1 2 The Citizen Tanzania (1 August 2023). "CRDB Bank's half-year profit rises". The Citizen (Tanzania) . Dar es Salaam, Tanzania. Retrieved 27 February 2024.
  2. 1 2 3 Central Bank of the Congo (September 2023). "List of Licensed Banks in the Democratic Republic of the Congo" (Translated from the original French language). Central Bank of the Congo . Kinshasa, DRC. Retrieved 27 February 2024.
  3. 1 2 SAGCOT (November 2023). "Profile of Fred Msemwa PhD". Southern Agricultural Growth Corridor of Tanzania (SAGCOT). Dar es Salaam, Tanzania. Retrieved 27 February 2024.
  4. 1 2 3 The East African (29 March 2023). "Digitisation of payments for port charges by CRDB Bank and TPA a boost to EAC regional trade". The EastAfrican . Nairobi, Kenya. Retrieved 27 February 2024.
  5. ↑ 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.
  6. 1 2 Bob Karashani (13 April 2024). "Tanzania bank reports positive uptake in DRC". The EastAfrican . Nairobi, Kenya. Retrieved 21 April 2024.
  7. 1 2 3 Josephine Christopher (4 May 2023). "CRDB Bank gets licence to operate in DR Congo". The Citizen (Tanzania) . Dar es Salaam, Tanzania. Retrieved 27 February 2024.
  8. ↑ The Citizen Tanzania (24 May 2022). "Nsekela: Why CRDB Will Do Well In DRC". The Citizen (Tanzania) . Dar es Salaam, Tanzania. Retrieved 27 February 2024.
  9. ↑ African Development Bank (28 July 2022). "African Development Bank and African Guarantee Fund sign $110 million agreement with Tanzania's CRDB Bank to boost access to finance by women's SMEs". African Development Bank . Abidjan, Ivory Coast. Retrieved 27 February 2024.
  10. ↑ The Citizen Tanzania (18 August 2022). "Why East African banks are increasingly eyeing DR Congo". The Citizen (Tanzania) . Dar es Salaam, Tanzania. Retrieved 27 February 2024.
  11. ↑ beQuoted (25 March 2023). "MTI Investment's subsidiary Ecohomes is awarded a major contract for CRDB Bank in Lubumbashi in the Democratic Republic of the Congo worth approximately SEK 5.6 million (EUR 541,000)". beQuoted.com. Stockholm, Sweden. Retrieved 27 February 2024.
  12. 1 2 Morten Elkjær and Alexander Kronvall (13 April 2023). "IFU Assists Tanzanian Bank in Opening A Subsidiary In The Democratic Republic Of The Congo". Investment Fund for Developing Countries . Copenhagen, Denmark. Retrieved 27 February 2024.
  13. 1 2 Robert Li (8 March 2023). "CRDB to enter Democratic Republic of Congo". African Law & Business. London, United Kingdom. Retrieved 27 February 2024.
  14. ↑ Norfund (27 February 2024). "CRDB BANK DR CONGO S.A." The Norwegian Investment Fund for Developing Countries . Olso, Norway. Retrieved 27 February 2024.
  15. ↑ The Guardian Tanzania (24 May 2022). "CRDB Bank Market Capitalization Hits A Trillion Shillings Mark". IPPMedia.com. Dar es Salaam, Tanzania. Retrieved 27 February 2024.
  16. ↑ Janeth Mushi (23 May 2023). "CRDB Bank eyes Zambia, Comoro, Malawi in new growth plan". The Citizen (Tanzania) . Dar es Salaam, Tanzania. Retrieved 27 February 2024.
  17. ↑ CNBC Africa (17 May 2023). "CRDB Bank's Nsekela speaks on the company's expansion into the DRC" (Video). CNBC Africa . Retrieved 20 February 2024.

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