[2007-08-28]  CRDB to Be Listed At Dar Bourse
The Dar es Salaam based CRDB Bank is in the final preparation to be listed at the Dar es Salaam Stock Exchange (DSE).

The announcement was made by Dr. Ali Mohamed Shein, Tanzania's Vice President, while presiding over the opening ceremony of a new CRDB branch in Dar es salaam City last week.


He said: "I am informed the CRDB is in final preparation to be listed at the DSE. This will give a chance to the citizens to participate in the buying and selling of the CRDB Bank shares. I am appealing to the public to buy the shares when they will be traded at the DSE."

The bank is known for its initiative to inaugurate Tanzanite Account which was started to enable Tanzanians in diaspora to deposit part of their income and spur the country's economic development.

The bank is also providing loans to financial institutions which are of middle class including Savings and Credit Cooperative Societies (SACCOS) and Small Medium Entrepreneurs (SMEs) with few conditions in attempts to fight poverty in the country.

Dr. Shein cited the agricultural sector where 24 per cent of the bank's loans have gone to, saying that other financial institutions should emulate the initiative.

Commenting during the occasion, Dr. Charles Kimei, CRDB Bank managing director, said their cooperation with the Government has made the bank to lead in many developments aspects in the country including number of branches, loan disbursement and assets whose values for the financial year ending 30 June, 2007, was US$ 1 billion.

He said that the bank plans to introduce a new service known as Commodity Price Insurance (CPI) which enables crop buyers to be aware of prices from planting up to the harvesting season.

He said once the bank is enlisted at the DSE, it will promote economic openness and development within the country since many shareholders will be Tanzanians.


Source: Copyright © 2007 East African Business Week.