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Canara Bank new entrant in Tanzania market

By   /  May 30, 2016  /  No Comments

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Canara BankBy Harrieth Mandari,

THE Government has been congratulated for creating good environment for investors which is beneficial to both investors and the economic growth of Tanzania.

The Managing Director and Chief Executive Officer (CEO) of the newly launched bank, Canara Bank (Tanzania) Ltd Rakesh Sharma, said is one of the major national banks in India. It is an Indian Bank having existed for 110 years un interruptedly since it was established in 1906.

“Tanzania is among the fastest growing economies in African which attracts investors in different developmental sectors including the Banking Sector, so we intend to provide quality services with much accuracy and efficiency,” he said.

Ramesh said the Bank intends to provide quality services in order to compete in the sector within the country.

Currently, the bank has eight branches in London, Leicester in UK, Hong Kong, Shanghai in China, Manama in Bahrain, Johannesburg in South Africa, New York (USA), and Dubai International Financial Centre (DIFC), a representative office at Sharjah (UAE), a joint venture bank in Russia.

On his part, the High Commissioner of India, Sandeep Arye, who was the guest of honor during the launching ceremony, told The African that Tanzania and India have been having good partnership for many years that through economic development projects and through business like banking sector, both countries can be able not only strengthen their partnership but also increase the country’s economic status.

“As we all know, Tanzania has good leaders and in this phase President John Magufuli and his motto ‘Hapa Kazi tu’ which increases efficiency, responsibility and also accuracy which will accelerate the economy at a great rate,” he said.

The new bank is one of the largest banks in India in terms of cross border trade and remittance business. Last year, the bank’s overseas business stood at 8.89 billion  US Dollars, constituting to about 7 percent of the global business of the bank.

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