Arusha. May 10, 2015 - As violence in Burundi erupts, CRDB Bank is moving in to ensure all its operations at Bujumbura are safe, while it shelves an earlier decision to float shares on the Nairobi Stock Exchange (NSE).
Board Chairman for CRDB Bank, Mr Martin Jonas Mmari, revealed this during the just ended bank shareholders’ meeting in Arusha that while the Burundi operations are starting to record profits as of March this year, the political situation in the country calls for emergency steps to cushion the bank’s branches there.
CRDB Bank is not about to close or suspend operations in Burundi, but will ensure that members of staff, investments and operations are safe; “In fact the CRDB Automated Teller Machine is the only functioning ATM at Bujumbura airport at the moment,” chipped in Managing Director Dr Charles Kimei.
Venturing into Burundi two years ago, CRDB Bank Burundi S.A opened two branches at Asiatique and at the city centre in Bujumbura, making a total of four branches that include a mobile branch.
The subsidiary, total assets at the moment have reached 104 billion/- and current deposits stand at nearly 30,000 million/-.
In related development, CRDB Bank decided to temporarily suspend a decision to list its equity shares on more foreign stock exchanges in addition to the domestic Dar es Salaam bourse; the firm set off the trend by cross-listing shares at the NSE. Dr Kimei said that the move to cross-list at NSE would boost CRDB Bank.
The board chairman stated that the move to cross-list into Kenya has been suspended for the time being as the bank makes further adjustments.
CRDB holds 20 per cent of the market share in Tanzania, a country with 54 financial institutions at the moment operates a network of 123 branches out of the 660 branches run by all banks in Tanzania.
CRDB also handles 50 per cent of transactions done by the government and public institutions. The Group has 30,000 shareholders countrywide.
Daily News
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