This archive report was first published on 14 November 2019.
On November 14, 2019, Exim Bank Tanzania made history by becoming the first private bank in the country to acquire a 100% stake in a commercial bank. The acquisition of United Bank Ltd (T), a subsidiary of Pakistan's UBL Bank, marked a significant milestone in the consolidation of Tanzania's banking sector.
With this acquisition, Exim Bank Tanzania has become one of the top five banks in the country, boasting an impressive asset base of $732.4 million. The bank now operates 33 branches across the country and has a presence in the Comoros, Djibouti, and Uganda.
Exim Bank's Chief Executive Officer, Jaffari Matundu, expressed his delight at the acquisition, stating, 'This is important for the financial health of the economy and to provide comprehensive products and services to customers. We are delighted by the diverse base of customers who will be joining the Exim Bank family, and we commit to ensuring that you continue to enjoy innovative solutions from us.'
