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Tanzania's CRDB Bank to cross-list on East Africa stock markets

The quick recovery of the East African Community’s banking sector and the need to increase a regional presence and competitiveness have prompted CRDB Bank to plan a cross-listing to main regional stock markets.

Bank’s managing director Charles Kimei said the intention was to start with the Nairobi Stock Exchange and the Uganda Securities Exchange."We have planned and prepared necessary conditions to list our shares on some EAC member states bourses, especially the NSE and the USE. Currently we are seeking the approval from the central banks, the Capital Market Authorities, the stock exchanges of Kenya and Uganda to finalise the process," he said this week.

CRDB would become the first Tanzanian bank to have a presence in the bourses of neighbouring countries. The bank is already listed at the Dar es Salaam Stock Exchange and would soon open a branch in Burundi as it starts to expand in the economic area.

According to Dr Kimei the approval to list on the official bourses of Kenya and Uganda would give an opportunity to citizens of those countries to have an ownership in the bank.Dr Kimei was optimistic that their listing plan would be fine because of their achievements this year.

The bank earned profits of Sh61 billion in the third quarter of this year, 13 per cent higher than Sh51 billion posted in the same period last year.The bank’s total assets rose by Sh300 billion, equivalent to 18 per cent (Sh2.6 trillion) in the same period from Sh2.3 in the preceding year.

CRDB’s customers deposits grew by Sh200 billion to Sh2.3 trillion, which is 18 per cent, while its profit went up by 13 per cent to Sh61 billion from Sh51 billion posted last year.Dr Kimei said time has come for CRDB Bank to embark on a roadmap to a world-class company that will be well respected due to the impact and transformation it will have on the lives of the stakeholders and communities with whom they will do business or where they will have a presence.

He said the plan is to exploit opportunities offered by the East Africa Community member states. CRDB is the largest bank in the country in terms of deposits having in its accounts about Sh2.3 trillion as of September. It is followed by NMB bank that had Sh1.8 trillion customers deposits.CRDB will be the second bank to open international branch after Exim Bank Tanzania to spread its wings to Comoro.

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