EXIM BANK NOW IN UGANDA

Exim Bank Tanzania Chief Financial Officer Mr Selemani Ponda (centre), stresses a point as he was addressing the press conference in Dar es Salaam recently. The bank announced having established its footprints now in Uganda, East Africa. Others are the bank's Marketing Manager Mr Abdulrahman Nkondo (left) and the bank's Senior Customer Service Manager, Mr Frank Matoro.

In yet another strategic smart move, Exim Bank Tanzania Limited (“Exim Bank”) announced having established its footprints now in Uganda, East Africa. The 1st Tanzanian Bank to be making a presence in Uganda. The bank having carried out a rigorous due diligence, acquired a majority stake in the erstwhile Imperial Bank Uganda Ltd.

The acquisition process was completed under purview and supervision of Bank of Uganda. Exim Bank holds 58.60% stake in the newly formed entity viz. ‘Exim Bank Uganda Ltd.’, while ‘Amazal Holdings’, the prestigious ‘Mukwano Group’ having diversified business interests within and outside Uganda, will hold 36.5 % share and the rest 4.9 % by Export Finance Ltd.

“I am happy and excited to announce that Exim Bank has established its foot prints in Uganda in partnership with one of the most eminent and largest business groups in the Country.” Said Mr Selemani Ponda, the Bank’s Chief Financial Officer as he was addressing the press conference in Dar es Salaam yesterday.

“There could not have been a better opportune time to make an entry into Uganda through such an alliance, when the EAC itself has been actively engaged in leveraging the capacity of all the countries in the Region”, added Mr Ponda.

Exim Bank, the largest indigenous Bank in Tanzania is completing 19 years of its establishment, having started its operations with one branch in Dar es Salaam, in Aug’ 97. The bank now has a total of 37 branches at strategic centres across Tanzania and 2 overseas Subsidiaries. The Bank’s Total Assets were at Tzs 1.250 trillion (USD 580 mio) as on 31st December 2015 with Shareholders Funds of nearly USD 90 Million. The bank has two banking subsidiaries in Comoros & Djibouti, with the 3rd having been established now in Uganda.

“The bank has traversed a cherishing journey having faced the nuances of an indigenous bank but coming out with flying colors, always. It makes us proud to be continually recognized as ‘One of the most Innovative Banks in the Region’”, said Mr Ponda

Exim Bank Uganda shall have the privilege of making a strong beginning with a set of 5 well-established branches in Kampala with an asset base of nearly $ 100 mio. Headquartered at Hannington Road with a branch at the ground floor, the bank has more than 100 dedicated & loyal staff. The staff had exhibited an exceptional spirit to the cause of the bank during the period of transition. The bank offers full suite of banking solutions to corporate clients including treasury solutions and also caters to retail customers.

“We are proud to have such a bunch of committed staff”, said Mr Ponda. “We are also very thankful to both, Bank of Tanzania & Bank of Uganda for their worthy approvals and valued support to this landmark beginning.” added Mr Ponda.

The expansion will enable Exim Bank to strengthen its presence across East Africa, fulfilling its vision to become a strong regional player, and in the process creating a powerful platform for future growth in the region.

Exim Bank has once again exhibited a penchant for spotting the right opportunity. 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.

Exim Bank has to its credit several pioneering initiatives. The salient being, the launch of 1st ever Credit Card in Tanzania way back in the year 2005, in affiliation with MasterCard International. The Bank, though being young at that time, had the courage to establish its 1st overseas footprint by establishing its banking subsidiary in the Union of Comoros in the year 2008. The Subsidiary has been making profits ever since then. The success at Comoros had fueled the confidence enough for the bank to seize another opportunity for its 2nd footprint at ‘Republic of Djibouti’. The Subsidiary has turnaround with a bang with a Profit after Tax (PAT) of more than $ 500 k in the year 2015.

Exim was the 1st bank to have showcased a Mobile ATM in Tanzania in the year 2009, laying the seeds of mobile banking. The bank’s retail bond floated in Nov’15, the ‘1st ever in East Africa & SADC Regions’ has been the most recent successful endeavor. The bond aimed at financial inclusion with sustained income was oversubscribed nearly 2 times and has been widely acclaimed, more particularly by local regulator and related bodies.

Such innovative thoughts and successful initiatives have been well recognized by the leading bodies – with a nomination as ‘Sustainable bank of the year’ by very coveted ‘Financial Times/IFC’; being adjudged as an overall winner for ‘Best presented financial statements of the year’ by NBAA, Tanzania, the national accounting body. The bank also holds pride in having been recognized as No 1 bank in customer care by KPMG.

Exim Bank is a testimony of one of the successful stories in the Region, having transformed itself from an indigenous bank to a strong Regional player, within a very short span. Acquiring a majority stake in this newly formed entity in Uganda is yet another feather in the cap. Guided by an accomplished Board, the Bank has 8 years of valuable experience in managing overseas banking businesses in Comoros & Djibouti, a fact that bodes well for Exim Bank Uganda Limited. Looking ahead, the medium term vision of the bank is to be a ‘Leader in payments’, being ‘the preferred choice of businesses’ & being amongst the ‘Top 5 Treasuries’ in the Region

Over the period, Exim Bank has established some of the best practices in Corporate Governance with enhanced independence at the Board and management levels. The bank is enriched with some of the best banking skills in the Industry those remain loyal and spirited enough towards sustainability of its Regional aspirations. Exim Group has a gender sensitive strength of 808 staff. With the new Subsidiary in the fold, the bank shall soon be touching a total strength of 1,000.

Exim Bank posted a stellar financial performance for the year 2015, with the bottom line (Profit after Tax) posting a record growth of 80% over previous year at Tzs 30.666 billion (USD 14 mio).