China Dasheng Bank: Bridging China, Tanzania economies through trade

While many businesses are on their annual reviews – including but not limited – to what extent they have achieved their goals, China Dasheng Bank has celebrated four years since its establishment in the country.

The celebrations were held at the Hyatt Regency Kilimanjaro, Dar es Salaam, on November 25.

The event was attended by senior leaders of the bank while the official guest Councilor Mr Chun Kun represented the Chinese Ambassador to Tanzania.

The celebrations witnessed the unveiling of the coveted bank’s flagship Internet Banking where among many thrilling key features, it will be accessed via Swahili and Chinese languages.

The Chief Executive Officer (CEO) of China Dasheng Bank, Cheng Ji has said that such an anniversary is an opportunity for the company to recollect the past year and look at where to improve further.

“Tonight, we celebrate four years of our bank and I appreciate all of you who share this special day with us.

It is my pleasure to invite you all to the important 4th-anniversary festivity of China Dasheng Bank.

2018 was a special year for us, the China Dasheng family, where the bank received its license to operate as a full-fledged commercial bank in the country.”

He said that since its inception, this bank has been growing in profits, assets, deposits and branches and, on November 25, it officially opened its second branch in Kariakoo business area, Dar es Salaam.

It is a matter of pride to see their company grow while embracing a good value system and achieving success beyond what the bank has ever imagined, he added.

“This achievement is the result of the unwavering efforts of current and former employees who have worked to help this organization reach the pinnacle of success.

I am proud to say that we have excellent and wonderful employees with the same high aspirations and dreams,” noted Cheng Ji.

He clarified that they were able to weather the storm within that period of four years by doing what seemed most impossible perfectly.

He said that the bank is gradually becoming a masterpiece among commercial banks in our country.

On other hand, Mr Chun Kun noted that China-Tanzania ties are stillpowerful and are currently reignited by that Chinese bank presence in Tanzania.

He mentioned the recent President Samia’s visit to China and her talks with her Chinese counterpart, Xin Jinping borne fruits of agreement on strengthening ties particularly in trade between two parts.

He hopes that the bank will be the key financing tool to the Chinese companies among other things to operate in the country and he went on to urge Chinese firms to maintain good relations with those of Tanzanians.

Internet Banking

In a changing business tides, Internet banking will avail customers of China Dasheng Bank to conduct transactions from the comfortability of their own offices and thus saving time for rushing to and from bank premises. The time saved will be used for other productive activities.

He has said that, as a bank, they believe that when this new product is introduced to their customers and to the market as whole, it will help the bank not only to better serve their existing customers, acquiring new customers, but it will also play a primary role in pushing the Government’s financial inclusion agenda.

He elucidated that Internet Banking services are of multiple benefits including; facilitating utilities bills, cross border transactions, money transfer services etc. The double unveiling of Kariakoo branch and Internet Banking, will help the lendChinaer to offer better services that suit everyone.

“With the current market environment within our sector, it means that only the strongest will survive, and that is why, the internet banking service is one of the plans that the bank has put in place to ensure that it remains in a competitive environment and face market setbacks head-on.

In conclusion, I promise all my employees to continue to help you as I have always been. I will do that whenever necessary.

Let’s look forward to another year with stronger professional relationships and helping this bank reach greater heights.

As we have all taken our valuable time to cherish and celebrate the past four successful years and the launch of our new Internet banking product, let’s get ready for another four years to come.”

China Dasheng Bank is a Tanzanian bank under Chinese investors that was granted a business license in 2018 by the Central Bank of Tanzania (BoT).

Branch unveiling at Kariakoo

The bank has launched its second branch in the Kariakoo area, between Lumumba and Aggrey Streets where it is said that its presence will help to connect local businessmen with the opportunities available in China.\

Due to the fact that more than 50 percent of the imports come from China, this branch will be a potential link between these two countries with a long diplomatic and trading historical ties.

CEO, Cheng Ji, has thanked the Tanzanian Government for creating an enabling environment for doing business by giving the bank a license to start operating in the country in November, 2022.

He has added that the bank has also increased employment opportunities by hiring Tanzanians to work in the bank and thus help them economically.

He said that the bank will provide services to small, medium and large businessmen and it will be a springboard to promote the economy between Tanzania and China through businessmen.

The President of the Kariakoo Chamber of Commerce, SHI XIU JUNG has thanked the bank for opening its branch at Kariakoo, which is a country’s crucial commercial hub. Being the first branch of the bank in the country, it will help connect Tanzanian businessmen with China and facilitate trade between Tanzania and China.

He said that it is the right time for those businessmen to seize the opportunity by opening an account with the bank so that they can do business more easily when they go to China.

“It is an opportunity for you, businessmen because this bank has direct links with China, so it will be easy for them to go to China and do business.”

The Director of the Bank’s Board of Directors, Poniwoa Mbisse has said that China Dasheng is not a Chinese bank as many think, but its investors are Chinese who have decided to invest in the country.

“This is a bank for all people and not the Chinese as many of you think,” she emphasized.

In addition, Ms Poniwoa has thanked Tanzanians for being a part of their bank’s success journey because without them they would not have been able to achieve that.

On his part, Director of the Bank, Jimmy Mrosso has said that currently the bank’s growth is satisfactory underpinned by the bank’s muscle-bound capital.

“The goal of opening branches is to connect the economy of Tanzania and China directly, we cannot ignore the importance of China’s economy to Tanzania,” explained Mrosso.

Bank’s performance

The bank earned a profit of Sh4.49 billion for the year ending December 31, 2021, which is an increase from the Sh4.3 billion it earned in 2020.

The profit is due to an increase in loans and advances, inter-bank placements, and investment in Government securities that brought a total of Sh13.2 billion for the year 2021 from Sh11.7 billion for the year 2020.

The interest income earned by the bank during the year under review was sufficient to run the bank’s operations which cost a total of Sh6.9 billion, where the staff costs taking the largest bill.

Financial position

As at December 31, 2021, the bank had total assets estimated at Sh107.17 billion from Sh107.54 in 2020.

With the Government securities leading out of those assets, they were estimated to cost Sh69.22 billion which is equal to 64 percent of all the assets owned by the bank.

In terms of new loans and advances, the bank portfolio stood at Sh22.8 billion from Sh25.9 billion in 2020.

At the end of 2021, the bank received deposits from its customers estimated to reach Sh8.7 billion from Sh13.2 in 2020.

Cash flow

For the year ended December 31, 2021, the bank’s total assets were Sh69.2 billion, loans to its customers reached Sh22.8 billion, transactions with other banks reached Sh8.8 billion. The bank is still continuing with its strategies to ensure its liquidity continues to stabilize.

Future plans of the bank

According to the bank’s business objectives, it is looking to increase the scope of its customers, provide support to its local and international customers, expanding business within and outside of Tanzania, and retain profits of its shareholders.