Posted: Thursday 11th October 2012 at 6:56 am

Tanzania: Citibank Sees Assets Grow to U.S. $70 Million

CITIBANK Tanzania’s assets have grown 18 times to reach 70 million US dollars, thanks to the backing of its parent company which has over 200 years experience in the industry.

The bank, opened doors in the country 17 years ago and has been spearheading innovations that enable firms secure local and international deals. The government has also given mandate to advise it on the country’s credit rating and Euro Bond issuance designed to finance capital intensive projects like roads, bridges and rail installations.

Citibank has also facilitated the first Dar es Salaam Stock Exchange (DSE) primary offer, commercial paper, e-banking and M-commerce, among others. “Citibank has built an outstanding reputation with both customers and stakeholders for superior customer services,” the release indicates.

The statement added: “Citi has been a leader in arranging high profile corporate finance deals in Tanzania, including arranging the Precision Air fleet expansion financing for 129 million US dollars.” The bank was also a co-lead arranging the Celtel (now Airtel) 270 million US dollars loan syndication, the largest corporate debt financing to date in Tanzania. It was also the sole lead arranger for Vodacom Tanzania 150 million US dollars loan.

Other notable achievements include being the first bank in Tanzania to fully automate TISS payments through Real Time Gross Settlement (RTGS) payments in 2004. It was also the lead provider of innovative foreign exchange and investment solutions through Treasury business function, which is recognized as a market leader in product innovation and dealing capacity, according to them.

Citibank Tanzania has a single branch in Dar es Salaam and is using efficient local correspondent banking network where necessary in carrying out its business. Citibank pioneered web based electronic banking, including seamless transaction initiated by customers from the comfort and convenience of their offices or other locations, through its award winning Citidirect system.

Due to its competence, the bank won a number of awards; including the most compliant tax payer of the year 2008, 2009 and 2010 and most efficient Banking Tanzania by Ernst & Young. Specifically, Citibank Tanzania, supported by the Citigroup Foundation made a 500,000 US dollar contribution to the Bugando Medical Centre in Mwanza to support the creation of the Bugando University College of Health and Sciences; which is now a fully fledged Medical University producing medical doctors and nurses who serve all over Tanzania.

Citibank opened for business in New York on June 16, 1812, as City Bank of New York, a year after the US Senate chose not to renew the charter of the then US Central Bank, the Bank of the United States. It has grown its franchise to encompass over 160 countries in which it does business, with physical presence in 101.

Copyright © 2012 Tanzania Daily News. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

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