Mbeya regional Commissioner Abbas Kandoro cuts the ribbon to launch a new Diamond Trust Bank, with him are bank pofficials.
By The Citizen Reporter
Dar es Salaam.
The Diamond Trust Bank has boosted its capital base by Sh12.4 billion following the recently completed rights issue which was fully subscribed.Mr Abdul Samji, the DTB’s group chairman described the rights issue as a major success in the history of the bank’s performance.
“The results of rights issue are reflective of strong support, royalty and confidence DTB enjoys from its stakeholders,” Mr Samji said.
The bank had offered some 3.89 million rights to the stakeholders at the discounted price of Sh3,200 per new share, he said. “A number of shareholders have not only taken up their rights but many have also applied for additional shares,” chairman said.
Mr Samji said the bank’s board had approved full allotment to all applications for rights entitled to by stakeholders as well as all applications for additional shares.
Following the rights issue, the bank’s core capital will increase to sh48 billion.
“With these new funds we will be able to continue with our plans for investment in branch expansion, improving technology and new products and explore additional opportunities to further strengthen our presence in Tanzania, a key market for DTB Group”, said Mr Samji.
DTB Tanzania currently has 16 branches across the country with plans to double the footprint over the medium term.
The significant expansion drive is in line with DTB Group’s long-term strategy, dubbed vision 2020 which is aimed at up-scaling its operations throughout East Africa by continuing to rapidly expand its presence in major commercial markets-Tanzania, Kenya, Uganda and Burundi where DTB franchise operates.
DTB is an affiliate of Aga Khan Fund for Economic Development (AKFED), the economic development arm of Aga Khan Development network.
In Kenya, DTB is listed on the Nairobi Stock Exchange. The Group is licensed by respective countries’ Central Banks to provide a wide range of corporate, retail and commercial banking services; and fully complies with the capital adequacy requirements as stipulated.
On March last year DTB Tanzania announced successful performance results for the year 2011, whereby the bank’s pre-tax profit rose by 44 per cent from Sh7.1 billion in 2010 to Sh10.2 billion in 2011.
Regarding deposit base, the bank’s management said that it grew by 22 per cent from Sh221 billion to Sh269 billion during the same period.
In another development taking place in East African region on August 15 last year, the Nation Media Group (NMG) launched an international money transfer service as it angles for a share of the Sh75billion diaspora remittances from Kenyans abroad.
The media company had partnered with the DTB to launch a Visa pre-paid card dubbed NationHela that targets Kenyans sending money home.
“This product allows users to conveniently send funds online, directly from your Paypal account, debit or credit card into the NationHela account. Diamond Trust Bank will handle the back office side of business,” the firm’s group Chief executive Officer Linus Gitahi said at the launch.
The service, approved by the Central Bank of Kenya (CBK), had undergone a seven-month pilot phase.
NMG planned to leverage on its existing newspaper distribution points across the country, over 8,000 visa branded Automated Teller Machines (ATMs) and DTB’s branch network to make the service product into a mass market. The pre-paid cards will also be sold at supermarkets and DTB agents.
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