Diamond Trust announces sale of 30bn/- shares

By Prosper Makene

Diamond Trust Bank Tanzania (DTBT) will sell shares worth 30bn/- to its shareholders in a bid to raise its capital base for efficient operations and to be able to compete effectively in the agile banking sector.

 

It said the rights issue process has begun but did not disclose when the sale of shares will be undertaken.

 

DTBT revealed the plan on Monday evening in Dar es Salaam at a function to launch five new products. These include four accounts and a mobile banking platform.

 

The accounts are the Kisomi Zaidi Account, which caters for students, Amani Account that has been specifically developed for women and Faraja Account for senior citizens.

 

Kibubu Account is a monthly saving scheme for both individuals and corporates.

 

“The bank is in the process of a rights issue by which the share capital of the bank is being increased by 30bn/-),” the chairman of the board of directors, Mr Abdul Samji, said.

 

According to him, a stronger capital base will enable the bank to increase lending, invest in new branches, offer more products and cope with technological developments in the industry.

 

“The higher share capital will not only enable us to increase the range of credit assistance to clients but more importantly will support continued branch expansion, investments in cutting edge technology and new product offering,” Samji added.

 

Currently DTBT has 24 branches across Tanzania of which 10 are in Dar es Salaam while Arusha and Mwanza have two each. The others are in Dodoma, Iringa, Kahama, Mbeya, Morogoro, Moshi, Mtwara, Mwanza, Tabora, Tanga and Zanzibar.