By TZ Business News Staff and Agencies.
The Bank of Tanzania (BoT) has given the green light to a Chinese commercial bank to start operations in Tanzania with the aim of assisting Chinese companies operation in the country as well as Tanzanians doing business in China.
Speaking in Dar es Salaam at the launching of China Dasheng Bank Limited, the Bank’s Deputy Chief Executive Officer Nunu Saghaf said the institution would operate in the country effective from November 26, 2018.
China Dasheng Bank Limited will provide all the usual banking products such as demand, call and time deposit accounts, overdrafts and loans in local and all major foreign currencies, Saghaf said.
She said the banking license for the bank wholly owned by six Chinese state owned and private enterprises in Shangai and Jiangsu in the Yangtze River Delta region was issued by the Bank of Tanzania (BoT ) on 8th November, 2018. The Chinese bank takes off with initial capital of 40 million USD (92 Billion TZS).
Saghaf said in November last year, BoT issued a provisional licence which warranted beginning of preparations for establishment of the bank after initial capital was fully paid at the beginning of this year.
“Our bank will not only provide all round financial services for all kinds of enterprises and individuals in Tanzania, but also for companies and individuals with potential in the development of the Tanzanian economy”. She also said that the bank will support Tanzania in its initiatives to development industrial sector within short period of time. “China Dasheng bank will also actively support the construction of industrialization in Tanzania, and will give priority to the funds needed for industrialization projects so as to achieve middle income economy by year 2025”, she noted.
On her part the Chinese ambassador to Tanzania Wang Ke said the bank is playing a crucial role for the benefit of two countries. She was optimistic that the bank would help local investors to raise their capital for mutual benefit of both parties
Earlier the Dar es Salaam Regional Commissioner, Paul Makonda, who was chief guest, thanked the bank’s management for its decision to open offices in Tanzania.