THE newly appointed Acting Managing Director of TIB Corporate Bank, Fred Luvanda has said activities of the bank continue uninterrupted despite top leadership change.
He told reporters in Dar es Salaam yesterday that the bank was focused to improve efficiency in service provision to enhance performance that was deemed unsatisfactory by the Central Bank.
He said described as unfounded rumours that the bank was under statutory management of the central bank noting that customers should ignore them as what happened was just a change of a Chief Executive Officer.
“May I use this opportunity to put it clear that the bank continues with its operation as usual. My advice to our customers is to ignore those rumours,” he said.
Mr Luvanda, who was the Directorate of Financial Sector Supervision at the BOT, has been appointed to oversee the affairs and daily business operations of the bank as Acting Managing Director.
The Central Bank suspended the appointment of Frank Nyabundege as Managing Director of the bank over the weekend due to poor performance of the state-owned financial institution.
The BOT took the action accordingly to the banks and financial institutions of 2006, Acts number 33(1) and 33 (2) (f) and 33 (2) (b). The new appointed Managing Director officially started his duties at the bank yesterday.
According to the TIB Corporation Bank’s Director of Finance and Administration, Mr Kaana Nnko, in the quarter of year that ended in March 2019, the bank made a profit of 935m/-.
He said the bank’s capital has increased to 40.2bn/- in the first quarter of 2019 from 38.9bn/- of the corresponding period in 2018. He said the NLP Ratio of the bank was 5.6 per cent at the quarter of year 2019 ended in March.
The bank has seven branches in the country where three of them are in Dar es Salaam and the rest are in Mwanza, Arusha, Mbeya and Dodoma regions.