| Bank changes name | Send to a friend |
| Tuesday, 31 August 2010 23:33 |
 By Mpoki BukukuBOA Bank Tanzania Limited has a new name. It is Bank of Africa Tanzania Ltd. Bank chairman Fulgence Kazaura (pictured) said in a statement in Dar es Salaam yesterday that the change had started immediately. “The change was necessary because the initial fears that trading as Bank of Africa Tanzania Ltd will create confusion on the market are no longer warranted,” read the statement. After three years as a member of Bank of Africa Group, the brand had been well integrated and accepted in the Tanzanian financial market and could fully adopt the name of the group, he said. “Adopting the name will further upscale group synergies, especially within the East African market. The Bank of Africa is present in all countries of East Africa, with exception of Rwanda,” he noted. However, the structure of the bank management will remain the same and there will be no variation in the strategies as set out in the 2010-12-business plan of the bank. The bank has been operational in the country since 2007 after acquiring Eurafrican Bank Ltd and has been posting profits. Its number of branches increased from four to 14. It has grown its balance sheet by 160 per cent, deposits by 275 per cent, loans and advances by 320 per cent and shareholders’ fund by 250 per cent. Add this page to your favorite Social Bookmarking websites           |
