TIB Development Bank has completed the process to establish a subsidiary that will focus on corporate financing. The new entity, TIB Corporate Finance Limited, will focus on corporate banking business in all its branches and agencies.
TIB Managing Director, Mr Peter Noni, said that with the separation of activities, the bank will be able to focus on major development projects such as infrastructure expansion.
He said that the process to establish the subsidiary have been completed and what is awaited at the moment is the appointment of Chief Executive Officer (CEO) and Board of Directors.
"The new bank will offer corporate, commercial and financial banking services through traditional and modern channels such as internet banking, points of sale and automatic teller machines, buying and selling currencies in both local and foreign currency and deal in bullion," he added.
As for the development bank, Mr Noni said that to boost the income of average producers, they are working to finance processing industries.
"In essence, what we are doing is to finance industries that will help producers get access to markets and boost their incomes," he said.
He also said that the bank is working with Economic Process Zones Authority (EPZA) and will establish an industrial park in Bagamoyo, Coast Region.
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