News Column

China Commercial Bank to open its doors in Tanzania

August 10, 2014

The China Commercial Bank (CCB) was granted a provisional banking licence on 7 August to operate in Tanzania and has plans to open a Dar es Salaam branch soon.

While the Bank has been founded by a collection of Chinese and Tanzanian businesspeople, the Bank of Tanzania (BoT), the country's central bank, said that CCB was not affiliated with an existing bank in either China or Tanzania.

According to BoT Governor Beno Ndullu, it is the first Chinese-linked bank to be established in Tanzania. Bank of China, one of the largest Chinese commercial banks, only has branches in South Africa, Zambia and Kenya.

Governor Ndullu told Tanzania Daily News that the bank is in the process of meeting its final licence conditions before it is fully operational. The inclusion of CCB in Tanzania's banking sector bring the number of commercial banks operating in the country to 35. There are also a number of community banks and a single development bank, the Tanzania Agricultural Development Bank.

The bank will likely contribute to the growing business relationship between China and Tanzania. China'sExport-Import Bank recently announced a $136 million loan towards a 300 MW wind energy project in Tanzania. 

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Source: CPI Financial

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