TIB Development Bank

Last updated
TIB Development Bank
Type Parastatal
Industry Finance
Founded1970
HeadquartersPlot number 3, Sam Nujoma Road, Sinza, Dar es Salaam, east Tanzania
Key people
Charles Singili, Managing Director
Products Loans, Equity Partnerships, Management Services, Export/Import Finance
Total assets US$62+ million (2010)
Owner Government of Tanzania
Website www.tib.co.tz

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 Registered Financial Institution. [1]

Contents

History

The bank was established by Act of Parliament in 1970. At that time, the main objective of TIB was to provide "medium and long-term loans to investors in commercial agriculture, manufacturing, processing, construction, transport, tourism and mining sectors". However, due to economic hardships, including a war with Idi Amin of neighboring Uganda and foreign currency exchange fluctuations within the Tanzanian economy, the bank became unable to service its financial obligations. To mitigate financial losses, TIB resorted to making short-term loans and to function like a commercial bank. The period between 1980 until 2003 was particularly hard on the bank. [2] [3]

Development Financial Institution

Over time, the Tanzanian government, the sole shareholder in TIB, re-capitalized the bank, re-vamped its strategic development plans and re-structured its management. [4] As of December 2010, TIB had a total asset base in excess of TSh 93 billion (US$62 million). The government intends to raise that figure to TSh 400 billion (US$265 million), in the next several years. [5] The bank has a significant portion of its portfolio in the Tanzanian agricultural sector. [6]

Tanzania Investment Bank Group

Following the restructuring of Tanzania Investment Bank, three distinct, but related institutions were formed. The three institutions, together form the Tanzania Investment Bank Group or TIB Group: [7]

  1. TIB Development Bank Limited - A development finance institution (DFI)
  2. TIB Corporate Finance Limited - A short term financing institution, serving large corporate clients, both public and private, in support of the functions of the DFI.
  3. TIB Rasilimali Limited - A registered brokerage company, wholly owned by the Government of Tanzania, that purchases and sells corporate bonds on the Dar es Salaam Stock Exchange. Rasilimali also offers investment advice to the Tanzanian government in support of the DFI.

Branches

The bank maintains branches at the following locations: [8]

  1. Dar es Salaam Branch - Building 3, Mlimani City Office Park, Sam Nujoma Road, Dar es Salaam
  2. Mwanza Branch - 3rd Floor, PPF Plaza Building, Mwanza
  3. Arusha Branch - Central Plaza Building, Sokoine Road, Arusha
  4. Mbeya Branch - 28 Jakaranda Street, Mbeya
  5. Dodoma Branch - Dodoma
  6. Zanzibar Branch - Zanzibar

See also

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References

  1. ↑ "Directory of Financial Institutions Operating in Tanzania". Bank of Tanzania (BOT). Retrieved 21 November 2014.
  2. ↑ "Tanzania: TIB Transformation To Add More Value On Kilimo Kwanza Concept". Tanzania Daily News (Dar es Salaam) via AllAfrica.com . 29 November 2010. Retrieved 21 November 2014.
  3. ↑ "TIB Development Bank: History, Proud Past, Promising Future". Tanzania Investment Bank. 2012. Archived from the original on 30 September 2014. Retrieved 21 November 2014.
  4. ↑ Tirabassi, Eric (24 April 2006). "Tanzania Investment Bank Interview". TanzaniaInvest.Com. Archived from the original on 19 December 2014. Retrieved 21 November 2014.
  5. ↑ Kamndaya, Samuel (1 December 2010). "Tanzania: TIB Eyes Over TSh5 Billion Profit". The Citizen, Tanzania (Dar es Salaam). Retrieved 21 November 2014.
  6. ↑ "Tanzania Investment Bank Gives Farmers Credit". TanzaniaInvest.Com. 4 December 2009. Archived from the original on 25 August 2012. Retrieved 21 November 2014.
  7. ↑ "TIB Group: Your Partner for Progress". Tanzania Investment Bank Group. Retrieved 22 November 2014.
  8. ↑ "Tanzania Investment Bank To Open Branches Countywide". The Citizen, Tanzania (Dar es Salaam) via AllAfrica.com . 7 July 2010. Retrieved 21 November 2014.
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