CRDB Bank Group explained

CRDB Bank Group
Type:Private Conglomerate
Location:Dar es Salaam, Tanzania
Key People:Abdulmajid Nsekela
CRDB Group CEO and Managing Director
Industry:Financial services
Products:Banking and Insurance
Homepage:Homepage

The CRDB Bank Group, is a privately owned conglomerate in Tanzania. The anchor company in the group is CRDB Bank Plc., the largest commercial bank in Tanzania, based on assets. As of 31 December 2023 CRDB Bank had assets valued at TSh10.897 trillion (US$4.313 billion).[1]

Overview

As of December 2023, CRDB Bank Group was involved in financial services, insurance and the delivery of social services. As of 31 December 2023, the group's total assets were valued at TSh:13.264 trillion (approx. US$:5,254 billion), with shareholders' equity worth TSh:1.774 trillion (approx. US$705 million). At that time, CRDB Bank Group was the largest financial services conglomerate in Tanzania.[1]

History

The anchor company of this group started in 1996 as Cooperative and Rural Development Bank (CRDB). It subsequently shortened its name to CRDB Bank. On 17 June 2009 the bank listed its shares of stock on the Dar es Salaam Stock Exchange (DSE).[2]

In 2004, the bank established CRDB Microfinance Services Company (MFSC), a Tanzanian subsidiary active in the microfinance arena. MFSC does not lend directly but collaborates with "Savings and Credit Cooperative Societies (SACCOS), Savings and Credit Associations (SACAS), financial non-government organizations (NGOs), and Community Banks to disburse loans, provide technical support, and facilitate bank accounts".

The bank group established its subsidiary in Burundi on 7 December 2012, as CRDB Bank Burundi, a commercial bank.[3] [4] In May 2023, CRDB Bank Group established CRDB Insurance Company, another subsidiary, active in Tanzania.[5]

In March 2022, the banking group declared ambitions to establish and/or acquire subsidiaries in Kenya, Uganda, Comoros, Malawi and Zambia.[6] That ambition was reiterated in May 2024, with the list of countries increased to include Malawi and Rwanda.[7] [8]

In July 2023, the group opened a banking subsidiary in Lubumbashi, the Democratic Republic of the Congo, CRDB Bank DR Congo.[9]

Subsidiary companies

As of February 2024, the companies of the CRDB Bank Group included the following:[10]

  1. CRDB Bank Plc. a large commercial bank in Tanzania
  2. CRDB Microfinance Services Limited[11]
  3. CRDB Bank Burundi, a commercial bank in Burundi[3] [4]
  4. CRDB Bank DR Congo, a commercial bank in the Democratic Republic of Congo[9]
  5. CRDB Bank Foundation, the social services arm of the group, based in Tanzania[12]
  6. CRDB Insurance Company Limited, a Tanzanian general insurance company.[5]

Ownership

The shares of stock of the group are listed on the Dar es Salaam Stock Exchange, where they trade under the symbol: CRDB.[1] [2]

See also

External links

Notes and References

  1. Web site: African Financials (AFC) . AFC . CRDB Bank Plc 2023 Abridged Results . 2 February 2024 . 8 February 2024.
  2. Web site: Company Profile of CRDB Bank Plc . 2 February 2024 . Africanfinancials.com (AFC) . AFC . 8 February 2024.
  3. Web site: CRDB Bank Burundi S.A. . 2015 . Europe Business Assembly Global (EBA Oxford) . 8 February 2024 . EBA Oxford . Oxford, United Kingdom.
  4. Web site: CRDB Bank names head of Burundi operations . . 17 March 2021 . 8 February 2024 . Dar es Salaam, Tanzania.
  5. Web site: . CRDB Bank Plc ventures into insurance business with new subsidiary . 18 May 2023 . Zephania Ubwani . 8 February 2024 . Dar es Salaam, Tanzania.
  6. Web site: CRDB sets Sh70 billion as capital for DRC entry . 7 March 2022 . . Alex Nelson Malanga . 21 April 2024 . Dar es Salaam.
  7. Web site: . 17 May 2024 . CRDB Bank to expand footprint in Africa following success in Burundi . The Citizen Tanzania . 19 May 2024 . Dar es Salaam, Tanzania.
  8. Web site: CRDB to launch new branches in three more African countries . IPP Media . 17 May 2024 . Marc Nkwame . 19 May 2024 . Dar es Salaam, Tanzania.
  9. Web site: . Tanzania's CRDB Bank gets licence to operate in DR Congo . 5 May 2023 . Josephine Christopher . 8 February 2024 . Dar es Salaam, Tanzania.
  10. Web site: . CRDB Bank Group Plc: Company Profile . 2019 . 8 February 2024 . Dar es Salaam, Tanzania.
  11. Web site: CRDB Microfinance Services Company of Tanzania Reports Pretax Profit of $192k . Microcapital.org . Microcapital . 30 June 2009 . 6 February 2024.
  12. Web site: . CRDB Foundation dishes out 236m/- to start-ups . January 2024 . Florian Jamax . 8 February 2024 . Dar es Salaam, Tanzania.