Exim Bank announces completion of UBL Bank acquisitionNovember 7, 2019
DAR ES SALAAM, Tanzania Nov 7 – Exim Bank Tanzania has officially acquired of UBL Bank, subsidiary of Pakistan’s UBL Bank, as part of its nationwide expansion bid.
Post-acquisition Exim Bank becomes one of the top 5 banks in the country with an asset base of Tsh1.7 trillion and the the first private sector bank to embark in the consolidation of the banking sector in Tanzania.
Tanzania President Dr. John Magufuli has always stressed on having bigger and a smaller number of banks in the country. Bank of Tanzania has also reiterated on several occasions consolidation of banking sector in the country. This is important for financial health of the economy and to provide comprehensive product and services to customers.
“We are delighted by the diverse base of customers that will be joining Exim bank family and we assure the customers that we are thrilled to have you on board, and we commit to ensure that you continue to enjoy innovative solutions from us,” said Jaffari Matundu, Exim Bank’s Chief Executive Officer.
“Customers being the most important part of our business, we pledge to work tirelessly to ensure our quality services brings you utmost satisfaction and enjoy seamless banking,” said Matundu.
He further added, “Tanzania has more banks compared to other larger economies viz. South Africa and Nigeria. The banking industry has been witnessing consolidation which will gradually leave well-capitalized players that will be able to catalyze economic growth. The consolidation also improves resilience to capital shocks and lowers compliance and technology costs.”
He went on to say that Dar es Salaam is an important market for Exim Bank and the newly opened Mkwepu branch embraces innovative technology and design which will enable the bank’s customers to interact with the bank officials in a way that suits them and in surroundings that are comfortable and accessible for all.
Matundu: ”A dynamic mix of private and public banks, evenly spread out across the entire country, will ensure that there is a wholesome credit flow. Entrepreneurs will have enough access to capital needed to expand their businesses, which in turn will lead to a faster pace of job creation and a reduction in the unemployment rate.”
The new expansion will increase the presence of Exim Bank to total of 33 branches across the country.
For over 22 years, Exim bank has attained the bank of choice status in financial services not only in Tanzania but also in the regions where we have opened our subsidiaries (Djibouti, Comoros and Uganda); we pride ourselves in offering our customers competitive and excellent services while innovation that suits your business requirements remains our core strength.
It is the first indigenous Tanzanian bank to set foot prints outside the country.