Tanzania’s CRDB Bank Plc (DSE:CRDB) is planning an ambitious programme that could see it expand into seven countries in East and Central Africa.
The largest bank by assets and market share in Tanzania, CRDB had started its regional expansion in 2012 but had to put the plans on ice in 2016 due to financial inadequacy.
The lender, now with improved cash flows and with close to $3 billion worth of assets, hopes to join regional banking giants — Equity and KCB — which have been racing towards transforming into Pan-African banks with assets in excess of $10 billion, only for their efforts to be frustrated by the outbreak of the Covid-19 pandemic.
CRDB, which is listed on the Dar es Salaam Stock Exchange has lined up mineral-rich Democratic Republic of Congo (DRC) as the first point of entry through Greenfield Investments in the next 12 months.
