BARCLAYS BANK CONTINUES TO INVEST IN TANZANIA’S KEY GROWTH SECTORS AS THE BANK TRANSITIONS INTO ABSA

Barclays Bank Tanzania Managing Director, Abdi Mohamed addresses participants during the bank’s Corporate Clients Economic Forum held in Dar es Salaam recently.

Barclays Bank Tanzania (BBT) Board Chairman, Simon Mponji (left), shakes hands with Absa Group Deputy Chief Executive Officer, Peter Matlare, as the bank’s Tanzania Managing Director, Abdi Mohamed looks on, during the Barclay’s corporate clients economic forum held in Dar es Salaam recently.

Barclays Bank Tanzania Managing Director, Abdi Mohamed (right), chats with Barclays Kenya Head of Corporate & Investment Banking, James Agin (left), while Engen Petroleum (T) Ltd Chief Executive Officer, Paul Muhato looks on, during Barclays’s corporate clients economic forum held in Dar es Salaam recently.

Absa Group Deputy Chief Executive Officer, Peter Matlare (left), greets Chief Executive Officer of UAP Old Mutual Insurance Tanzania Limited Stephen Lokonyo, during Barclays Bank Tanzania’s corporate clients economic forum held in Dar es Salaam recently. Looking on is BBT Corporate Banking Director, Brian Kalero.

Barclays Bank Tanzania Managing Director, Abdi Mohamed (left), chats with corporate executives during the bank’s corporate clients economic forum held in Dar es Salaam recently. Engrossed in the conversation from his left is BBT Corporate Banking Director, Brian Kalero, Chief Executive Officer of Kagera Sugar Limited, Ashwin Rana and Barclays Kenya Head of Corporate & Investment Banking, James Agin.

Barclays Bank Tanzania Managing Director, Abdi Mohamed (left), talks to Barclays Kenya Head of Corporate & Investment Banking, James Agin (right) and Kagera Sugar Chief Executive Officer, Ashwin Rana, during Barclays corporate clients economic forum held in Dar es Salaam recently.

October 23rd, 2019 Dar es Salaam, Tanzania - Barclays Bank Tanzania Limited (BBT) was joined by Senior Executives, Mr. Peter Matlare, the Absa Group Deputy Chief Executive Officer and Mr. Saviour Chibiya, the Regional Managing Director for the Absa Africa Operations on Wednesday, 23rd October at Serena Hotel in Dar es Salaam, to host some of its customers to a cocktail event.

The event was not only a platform to appreciate the continued support of its customers but was also used to provide an opportunity for clients to join BBT in its transition journey and be informed of the expected milestones as the Bank prepares to rebrand into Absa.

In addition, BBT also offered clients access to Absa research on the current Global and Tanzania macroeconomic environment. The report, presented by Mr. Ridle Markus, Absa's macroeconomist for Sub Sahara Africa, commended Tanzania’s impressive growth rate in recent years despite a number of global and domestic challenges. Ridle also provided customers with insights on the increasingly challenging global macroeconomic backdrop.

In an update on rebranding, the bank’s Managing Director, Mr. Abdi Mohamed said, “Our brand and name change to Absa is proceeding as planned. We have taken a sequenced approach and expect some branches to reflect several elements of the new brand by mid-November, while some branches will retain the current look. The intention is to take our customers and the public with us through the transformation journey visually. We will however continue to operate and trade as Barclays Bank Tanzania Limited until our name officially changes, as approved by the Regulator.”

Speaking on the bank’s commitment to Tanzania, Mr. Mohamed said, “Barclays is committed to serving its customers and we are proud of the momentum we have built over the past 3 years. Our commitment to our clients has been demonstrated in the successful execution of key financing transactions amounting to TZS 529bn, across sectors such as Oil & Gas, Public Sector, Manufacturing and Agriculture. In addition, our non-funded strategy and focus has been reaffirmed by The Asian Banker 2019 recognition of BBT as the best ‘Cash Management Bank in Tanzania’.

Further, the bank’s Corporate Director, Mr. Brian Kalero highlighted that ‘’BBT is geared to supporting the private and public sector customers in driving sustainable economic growth across various sectors. As our customers grow their businesses, we are well positioned to continue to support their various funding requirements and provide digitally led transactional banking solutions which are aimed at creating efficiency in the way we do business.”

Mr. Brian was also honored to announce the Bank’s wins at the 12th EMEA Finance African Banking Awards 2019, where BBT was awarded the ‘Best Investment Bank in Tanzania’ for the second year in a row, demonstrating BBT’s continued growth and the differentiated proposition of our Global Markets business. “Awards such as these demonstrate our capability to go to extraordinary lengths to overcome unique challenges, regardless of how intricate the deals are or scale to bring our client’s goals and possibilities to life.” Brian remarked.

In conclusion, Mr. Mohamed; called for clients to remain vigilant, saying “We will not ask any customer for additional information during this time, and all customer account details will remain the same before and after the transition. Customers will continue to bank with us as safely as they always have.”

For further information please contact:
Aron Luhanga
Head, Marketing & Corporate Relations
Barclays Bank Tanzania Limited
+255 768 221 717
aron.luhanga@barclayscorp.com

About Barclays Bank Tanzania Limited
Barclays Bank Tanzania Limited has been operating in Tanzania for the past 19 years and currently boasts a network of 15 branches and 62 ATMs strategically located countrywide – 21 at all our branches and 49 offsite.

The Bank is a wholly owned subsidiary of Absa Group Limited.

Barclays Bank Tanzania Limited, with company registration number 38557 is regulated by the Bank of Tanzania. Barclays Bank Tanzania Limited uses Barclay’s trademarks under license from Barclays Bank Plc.