Treasury, CRDB Bank hold key talks

Summary

• The meeting in Dodoma yesterday was also attended by bank’s board members and other senior officials at the Ministry of Finance and Planning.

By The Citizen Reporter

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Dodoma. CRDB Bank Plc board chairman Ally Laay and lender’s managing director Abdulmajid Nsekela met with new Treasury permanent secretary Emmanuel Tutuba here yesterday to discuss issues pertaining to the bank’s management.
Mr Tutuba became Treasury PS last month after being appointed by President Samia Suluhu Hassan in her efforts to put the house in order.
The government – through the Danida Investment Fund - owns a 21 percent stake in CRDB Bank Plc.
The meeting in Dodoma yesterday was also attended by bank’s board members and other senior officials at the Ministry of Finance and Planning.
Dr Laay congratulated Mr Tutuba for his appointment.
The bank, said Dr Laay, will hold its Annual General Meeting (AGM) on May 22 in Arusha where shareholders are expected to approve a handsome dividend package following the lender’s increased profitability in 2020.
In his remarks, Mr Nsekela informed Mr Tutuba that CRDB Bank Plc’s profit before tax rose to Sh236 billion in 2020 from Sh175 billion in 2019.
He said shareholders will also debate the bank’s proposed new changes to its memorandum and articles of association during the AGM.
“It is our intent to make sure that we keep improving the way the bank operates in order to make it more efficient.
“We also seek to ensure that we reach more and more people in and out of the country whereby we are currently finalizing plans to venture into the DR Congo (DRC) market,” he said.
Mr Tutuba commended the role that CRDB Bank Plc has been playing in Tanzania’s economic development endeavours and initiatives, insisting that the government’s role will remain that of building an enabling environment for the private sector to thrive.