Major milestone as CRDB expands to Dubai

DAR ES SALAAM: CRDB Bank is marking its 30th anniversary with a major milestone expanding its operations beyond Africa to establish a presence in Dubai, becoming the first East African financial institution to venture into Asia.

CRDB Group CEO Abdulmajid Nsekela said at celebrations to mark 30th Anniversary of the bank in Dar es Salaam over the weekend that the strategic move to open a subsidiary in Dubai, United Arab Emirates (UAE), is expected to boost trade and investment opportunities for businesses across the region.

“This expansion demonstrates the confidence that depositors and stakeholders have in our institution,” Mr Nsekela said while explain the bank’s remarkable 30-year milestone to the Minister for Information, Communication and Technology, Mr Jerry Silaa, who was the Chief Guest.

He explained that Dubai was chosen as the next frontier for the bank due to its global financial hub status which facilitates international trade and investment.

“Today (last Friday), we take pride in leading the market with financial solutions that foster inclusion and economic empowerment,” Nsekela said, while briefing the Minister for Information, Communication and Technology, Mr Jerry Silaa, on the bank’s remarkable 30-year journey.

The bank’s evolution has been marked by resilience, transformation and innovation, with technology playing a pivotal role in expanding its footprint beyond Tanzania.

As the largest lender in the country, CRDB’s expansion is aimed at connecting East African businesses to wider markets and creating new growth opportunities.

Nsekela also noted the bank’s financial strength, noting impressive results from the previous year. CRDB’s total assets grew to reach 16.6tri/-, with customer deposits of 10.9tri/- and loan disbursements of 10.4tri/-.

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“These figures reflect the bank’s ability to support major public and private sector projects across the region,” he added.

Minister Silaa praised CRDB for its 30 years of excellence and lauded the bank’s planned expansion to Dubai, saying it aligned with the government under President Samia Suluhu Hassan’s vision of enhancing Tanzania’s global trade presence.

“This move solidifies CRDB’s leadership in the financial sector and expands its reach internationally,” Mr Silaa said.

He also recognised CRDB’s contributions as a top taxpayer and employer, with over 4,000 staff and applauded its impact on national financial excellence and development.

CRDB’s Chairman, Dr Ally Laay reflected on the bank’s founding, citing strategic financial reforms designed to support the growth of Tanzania’s economy.

“With strong government backing, our mission has always been to expand financial services and drive economic growth,” Dr Laay said.

He also noted the bank’s exceptional financial performance, noting that since 2010, its share price has surged by 509 per cent from 115/- to 700/-.

The bank’s dividend policy, which ensures at least 30 per cent of net profits are distributed annually, has seen dividends grow by 525 per cent since CRDB’s listing in 2009.

Looking ahead, CRDB is committed to leveraging technology and forging strategic partnerships to expand globally, while maintaining its leadership in Tanzania, Burundi and the Democratic Republic of Congo (DRC)