Exim Bank Tanzania Limited has become the first Tanzanian bank to enter the Ugandan financial market.
The bank currently has 37 branches across Tanzania and two overseas subsidiaries, one in Comoros established in year 2008 and the other in Djibout and now EXIM in Uganda
Exim bank holds 58.6 shares in Exim Bank Uganda ltd and will start operating with 5 branches in Kampala having $100 million assets base.
Selemani Ponda, the Bank’s Chief Financial Officer said, “I am happy and excited to announce that Exim has established its foot print in Uganda in partnership with one of the most eminent and largest business groups in the country.”
We are proud to have such a bunch of committed staff he said, adding that we are also very thankful to both, Bank of Tanzania and Bank of Uganda for their worthy approvals and valued support to this landmark beginning.” Mr. Ponda insisted.
The bank’s chief said business on both sides of the borders are expected to give a thumbs up to the bank for raising their confidence to explore upon plethora of opportunities on cross border trade between both the EAC nations.
It is the only indigenous Tanzanian bank with outside subsidiaries. In April 2010, the bank was authorized by the Bank of Tanzania to establish subsidiaries thus setting up the Exim Bank Group.