[2008-04-21]  CRDB asks shareholders to collect dividends, changes name
CRDB Bank shareholders who have uncollected dividends at Vijana Branch bank in Dar es Salaam have been asked to take their money.

Speaking during the 13th shareholders meeting at the bank over the week end, the bank?s Company`s Secretary, John Rugambo, said Vijana branch had big sum of non collected dividends that was yet to be claimed by its shareholders.

Rugambo further said the bank had changed its name to CRDB Public Ltd Company (CRDB PLC) paving the way for its listing in the Dar es Salaam Stock Exchange (DSE) next year.

``A bank cannot be listed in DSE if it is not a limited company. CRDB had to change into PLC last year and will get into the DSE next year,`` he said.

``The decision will remove restrictions in transferring shares from one shareholder to another,`` said Rugambo.

He said in the past, a shareholder was required to write a letter to the bank?s head office before transferring his/her shares.

Meanwhile the bank has restated its commitment to continue providing loans to employees in other companies.

Vijana Branch director Sekou Toure Mndeme, said CRDB only needed to evaluate the companies`` ability to repay in order to do so.

``The bank will provide loans to employees of other companies after signing a memorandum of understanding with the employers to become the guarantors in case the employee defaults to repay. The employer will make sure the staff`s salary goes into an account with our branch for monthly deductions,`` said Mndeme.

He said his branch had insured all staff loans as a safeguard against losses and also avoid taking pension or other benefits from the borrower`s family in the event of his/her default before repaying the loan fully.

``So far there are no reports of staff from any company defaulting in their loans, in our branch,`` he said.

He further said the branch had recorded an increase in number of shares from 2.8m/- in 2006 to 5.4m/- in 2007 while lending went up from 28bn/- in 2006 to 37.6bn/- in 2007.

The shareholders` Chairperson of Vijana branch, Irene Mlola, said deposits before taxation at CRDB Vijana Branch in Dar es Salaam went up from 54.2bn/- in 2006 to 70.7bn/- in 2007.


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