STANBIC BANK RECEIVES TZS 34 BILLION CAPITAL INJECTION

With a market capitalization of approximately USD 11.8 billion and total assets of approximately USD 128 billion, Standard Bank Group is the largest financial services provider on the African continent. We view Africa as our home and we are committed to fuelling the continent’s growth.

Standard Bank Group injected additional capital of TZS 34 billion in the quarter under review into their Tanzanian subsidiary, Stanbic Bank Tanzania. The injection clearly demonstrates the Group’s commitment to Tanzania, and is testimony to the significant growth opportunity facing the country in the years that lie ahead.

Although Stanbic Bank Tanzania’s financial performance in the past quarter was below expectations, this was largely due to old legacy issues from some years ago, which resulted in regulatory penalties and additional taxes in the current year. Excluding these legacy issues, the business was profitable and the outlook for the remainder of the year is positive.

Stanbic Bank Tanzania’s vision is to be the leading financial services organisation in our chosen market segments, with passionate and empowered people, delivering exceptional client experiences and superior value.

In order to achieve our aspirations, we recognize that it is imperative that we contribute to the long-term viability and success of the communities in which we operate, by facilitating economic growth and social development.

Stanbic Bank Tanzania is committed to supporting the government’s stated goals of raising education standards in the country. We strongly believe that investing in education is the cornerstone for the future growth and prosperity of Tanzania.