CRDB to opens new branch in DR Congo

The bank, based in Dar es Salaam, announced on Tuesday it’s seeking to raise about 152

billion shillings ($68 million) by selling 435.3 million shares at 350 shillings each to existing stockholders from June 26. CRDB plans to add five new branches in Tanzania, two in neighboring Burundi and start operations in the Democratic Republic of Congo, Finance Director
Frederick Nshekanabo said.

The Bank said that their new target market
is Congo. “The move to Congo will start as soon as the Burundi operation breaks even, and we expect Burundi to break even in 2015-16” According to CRDB.

Congo is Africa’s fourth-most populous nation, with 68 million people. About 11 percent of the population have an account at a financial institution, among the 10 lowest rates on the continent, which has 54 countries, according to World Bank data. Equity Group Holdings Ltd., Kenya’s largest bank by market value, last month announced it plans to acquire a stake in ProCredit Bank Congo, the country’s seventh-biggest lender.

CRDB has more than 90 branches across Tanzania, according to its website. Last year, it more than tripled total assets to 104 billion shillings from 32 billion in 2013.