CRDB to expand into Burundi
CRDB bank will soon launch a subsidiary company in Bujumbura, Burundi in an effort to capture business potentials available in the East African market.
Managing Director of CRDB Bank, Dr. Charles Kimei revealed these plans yesterday, while addressing journalists ahead of the bank’s shareholders’ annual general meeting scheduled for Friday through Saturday.
Dr. Kimei said the bank’s new company in Burundi, a member of the EAC was originally expected to be fully operational by July of this year but that plans had been delayed by what he called, ‘logistical problems’ and now they look forward to the subsidiary firm commencing services come August, a month behind schedule.
He explained that shareholders attending the annual conference are expected to pass a resolution that will brace the bank’s mission to extend its financial wings into the French-speaking nation.
Kimei, an economist, explained the banks interest in Burundi, is based on the nations limited financial services with the banking system undeveloped and accessed by hardly six per cent of the population.
“Our target is to grow the banks services into the class of other financial giants in East and Central Africa…” he proudly announced and revealing the banks future plans he predicted that “…after Burundi, we’re eyeing as far as the Democratic Republic of Congo. The DRC is has high potential and is one of our aspired future destinations.”
He had some encouraging words for their shareholders insightfully assuring them that, “…we have organized a one-day seminar for our shareholders, to increase their understanding of share related issues…” According to the Managing Director, the bank boasts a net profits of 37.8bn/- with 19bn/- allocated to pay shareholder dividends for this year alone the bank is poised to increase dividend payment for a single share, from 8/- to 9/-.
The exponentially growing bank has a total of 30,000 shareholders with share price currently close to 130/-.
Nearly, 1,000 shareholders and their representatives are expected to attend the annual meeting, to be held at the Arusha International Conference Center (AICC) in Arusha.