Exim Bank completes takeover of UBL Bank

Wednesday November 6 2019

By The Citizen Reporter @TheCitizenTZ news@tz.nationmedia.com

Dar es Salaam. Exim Bank Tanzania has successful completed the acquisition of UBL Bank, a subsidiary of Pakistan’s UBL Bank, in its plan to spread and expand its services countrywide.

This makes Exim Bank the first private owned bank to embark on the consolidation of the banking sector in the country.

Exim Bank now becomes one of the top five banks in the country with an asset base of Sh1.7 trillion.

The new expansion will increase the presence of Exim Bank to a total of 33 branches across the country.

“We are delighted by the diverse base of customers, who will be joining the 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 Mr Jaffari Matundu, the Exim Bank’s chief executive officer.

“As customers being the most important part of our business, we pledge to work tirelessly to ensure our quality services bring you utmost satisfaction and enjoy seamless banking.’’

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He said the Tanzania banking industry has been witnessing consolidation that will gradually leave well-capitalised players , who will be able to catalyse economic growth.

“The consolidation improves resilience to capital shocks and lowers compliance and technology costs,’’ he said in a statement unveiled to the media yesterday.

He said 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,” he said.

Exim Bank Tanzania has also subsidiaries in Djibouti, Comoros and Uganda.