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CRDB Bank

Coordinates: 06°48′53.5″S 39°17′15.5″E / 6.814861°S 39.287639°E / -6.814861; 39.287639
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CRDB Bank Plc
Company typePublic
DSE: CRDB
IndustryFinancial services
Founded1996; 28 years ago (1996)
HeadquartersAlly Hassan Mwinyi Road, Dar es Salaam, Tanzania
Key people
Ally Hussein Laay
Chairman
Abdulmajid Mussa Nsekela
Managing Director
ProductsSavings products, Loans, Trade Finance, Investments, Treasury products, Credit Cards, Mortgages, Microfinance products, Agency Banking services, Premier Banking services, E-banking products, Insurance,
RevenueIncreaseAftertax:TZS424 billion (approx. US$:164.86 million) (2023)[1]
Total assetsTZS13 trillion (approx. US$:5.055 billion) (2024)[1]
Number of employees
3,729 (2022)
WebsiteBank website

CRDB Bank Plc is a commercial bank in Tanzania. It is licensed by the Bank of Tanzania, the central bank and national banking regulator.[2] As of September 2022, CRDB Bank was the largest commercial bank in Tanzania.[3]

Location

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The headquarters are located at Palm Beach, Upanga East, Ally Hassan Mwinyi Road in Dar es Salaam, the financial capital and largest city in Tanzania.[4] The geographical coordinates of the bank's headquarters at Latitude:-6.799562, Longitude:39.28344.[5]

Overview

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As of 31 December 2023, the bank's total assets were valued at TSh:13 trillion (approx. US$:5.055 billion). Customer deposits were valued at TSh:8.9 trillion (approx. US$:5.46 billion). The bank's loan book totaled TSh:8.5 trillion (approx. US$:5.46 billion). In the 12 months ended December 2023, the bank's after-tax profit was TSh:424 billion (approx. US$:164.86 million).[1]

Credit rating

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In August 2016, Moody's Investors Services gave CRDB Bank a "B1 stable outlook" rating. Moody's said it based this rating on the bank's "impressive and consistent performances in local currency deposit ratings, foreign currency deposit ratings and baseline credit assessment".[6]

History

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The bank was founded in 1996, as Cooperative Rural Development Bank (CRDB) of Tanzania, following the privatization of state-owned firms by the Tanzanian government. In 1996 the Danish International Development Agency (DANIDA) acquired a 30 percent ownership stake in the bank. The shares of stock of the bank were listed on the Dar es Salaam Stock Exchange on 17 June 2009.[7]

Ownership

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Since 2009, the shares of stock of CRDB Bank Plc are listed on the Dar es Salaam Stock Exchange, where they trade under the symbol: CRDB. As of 31 March 2023, the shares of company stock were owned by parastatal companies, local and foreign institutions together with private individuals.[8]

CRDB Bank Plc Shareholding Structure as at 31 March 2023
S/N Shareholder Shares % Ownership
1. Danida Investment Fund 548,067,648
21.0
2. PSSF Pension Fund 346,761,028
13.3
3. National Social Security Fund (Uganda) 196,456,402
7.5
4. Kimberlite Frontier Master Africa Fund LP 104,831,106
4.0
5. Abbas Export Limited 56,000,000
2.1
6. Banque Pictet and CIE SA A/C Patrick Shegg 50,754,057
1.9
7. Change Global Frontier Market, PL Fund-CGPA 44,216,540
1.7
8. Zanzibar Social Security Fund 36,828,104
1.4
9. Wegen Kilimanjaro Frontier Africa Fund 33,173,059
1.3
10. Hans Aingaya Macha 32,764,200
1.3
11. National Health Insurance Fund - Tanzania 32,040,040
1.2
12. Duet Africa Opportunities Master Fund IC 30,569,430
1.2
13. CMG Investment Limited 29,330,971
1.1
14. More than 28,000 shareholders 1,070,045,999
41.0
Grand Total 2,611,838,584
100.0

CRDB Bank Group

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Main article: CRDB Bank Group

The CRDB Bank Group comprises CRDB Bank Plc and four subsidiaries namely (a) CRDB Microfinance Services Limited (b) CRDB Insurance Company[9] (c) CRDB Bank Burundi and (d) CRDB Bank DR Congo.[10]

In 2021 the bank established "CRDB Al Barakah Banking", a unit that offers Shariah-compliant services. In 2024, that unit started offering "Takaful Insurance" in the sectors of automobile, home, business, fire, transportation and machinery. As of February 2024, the Sharia unit had generated business in excess of TSh125 billion (US$49 million).[11]

In May 2024, the group indicated its intentions to establish subsidiaries in Zambia, Comoros, Uganda, Malawi and Rwanda.[12][13]

Governance

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As of September 2023, Ally Hussein Laay served as the chairman of the thirteen-person board of directors and Abdulmajid Mussa Nsekela was the managing director and chief executive officer.[14]

See also

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  1. List of banks in Tanzania
  2. Microfinance in Tanzania

References

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  1. ^ a b c TDN (31 January 2024). "CRDB posts all-time high net profit in 2023". Tanzania Daily News (TDN). Dar es Salaam, Tanzania. Retrieved 3 April 2024.
  2. ^ Bank of Tanzania (30 June 2023). "Directory of Banks and Financial Institutions Operating in Tanzania as at 30th June 2023". Bank of Tanzania. Dar es Salaam, Tanzania. Retrieved 12 September 2023.
  3. ^ Emmanuel Abara Benson (16 September 2022). "Tanzania's largest commercial bank just raised $130 million to boost lending to real sector". Africa Business Insider. Lagos, Nigeria. Retrieved 12 September 2023.
  4. ^ Commonwealth of Nations Organisation (10 May 2018). "The Headquarters of CRDB Bank Public Limited Company". Cambridge, United Kingdom: Commonwealthofnations.org. Retrieved 10 May 2018.
  5. ^ "Location of the Headquarters of CRDB Bank, Azikiwe Street, Dar es Salaam" (Map). Google Maps. Retrieved 10 May 2018.
  6. ^ The Citizen Tanzania (18 August 2016). "CRDB gets Moody's stable rating status". The Citizen (Tanzania). Dar es Salaam, Tanzania. Retrieved 12 September 2023.
  7. ^ IFC (16 June 2015). "International Finance Corporation Disclosures: The proposed project involves an equity investment in CRDB Bank in Tanzania". International Finance Corporation (IFC). Washington, DC, United States. Retrieved 12 September 2023.
  8. ^ CRDB Bank (31 March 2023). "CRDB Bank Plc Shareholding Structure As At 31 March 2023" (PDF). CRDB Bank Plc. Dar es Salaam, Tanzania. Retrieved 3 April 2024.
  9. ^ Zephania Ubwani (18 May 2023). "CRDB Bank Plc ventures into insurance business with new subsidiary". The Citizen (Tanzania). Dar es Salaam, Tanzania. Retrieved 13 September 2023.
  10. ^ Josephine Christopher (5 May 2023). "Tanzania's CRDB Bank gets license to operate in DR Congo". The Citizen (Tanzania). Dar es Salaam, Tanzania. Retrieved 13 September 2023.
  11. ^ The Citizen Tanzania (29 February 2024). "CRDB Initiates Shariah-compliant "Takaful" Insurance". The Citizen (Tanzania). Dar es Salaam. Retrieved 6 March 2024.
  12. ^ The Citizen Tanzania (17 May 2024). "CRDB Bank to expand footprint in Africa following success in Burundi". The Citizen (Tanzania). Dar es Salaam, Tanzania. Retrieved 19 May 2024.
  13. ^ Marc Nkwame (17 May 2024). "CRDB to launch new branches in three more African countries". IPP Media. Dar es Salaam, Tanzania. Retrieved 19 May 2024.
  14. ^ CRDB Bank (13 September 2023). "Board of Directors of CRDB Bank Plc". CRDB Bank Plc. Dar es Salaam, Tanzania. Retrieved 13 September 2023.
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06°48′53.5″S 39°17′15.5″E / 6.814861°S 39.287639°E / -6.814861; 39.287639

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