CRDB: All set for Dubai launch

UAE: CRDB Bank has received regulatory approvals from both Tanzania and the United Arab Emirates (UAE), clearing the way for the launch of its Dubai subsidiary—its first step into the Middle Eastern market.

The move underscores the bank’s strategy to connect East African clients to global markets. CRDB is the largest bank in the country.

The lender’s management says the expansion will leverage Dubai’s position as a regional financial hub, enabling clients to access global capital markets without the need for a physical presence outside the UAE.

CRDB Group Director of Corporate Affairs Tully Esther Mwambapa said that staff are currently setting up the subsidiary’s office at the Dubai International Financial Centre (DIFC).

“This office is our meeting point with the world,” Ms Mwambapa told reporters recently.

The subsidiary will primarily serve Tanzanian, Congolese and Burundian customers, offering international banking services and facilitating global trade.

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“The Dubai regulator does not require capital; the cost is for setting up the office, which will serve as a platform to connect our customers and the country with global financial investors,” Ms Mwambapa, who also doubles as CRDB Bank Foundation Managing Director, said.

The Dubai subsidiary will function as a strategic investment and liaison hub, enabling international capital flows into where the bank’s current and future operate focuses on simplifying investment channels for global partners.

She said the bank has appointed Jackson Kuhengu as the Managing Director of the Dubai subsidiary, who will oversee preparations ahead of its official launch.

Additionally, the bank is exploring opportunities to extend its footprint to Japan and China. This follows their recent core banking system upgrade, which aims to meet international standards and facilitate collaboration with global institutions.

Last month, CRDB completed a strategic, system-wide upgrade to the Temenos T24 core banking platform, designed to enhance transaction speed and security, while supporting not only local operations but also future international expansion.