Finance

CRDB Tanzania secures a $130 mln syndicated loan in an operation arranged by Investec Bank and Intesa Sanpaolo

Monday, 19 September 2022 15:49
CRDB Tanzania secures a $130 mln syndicated loan in an operation arranged by Investec Bank and Intesa Sanpaolo

(Ecofin Agency) - In its fourth private placement funding round, Tanzania's CRDB Bank Group raised $130 million, bringing the total amount already raised from international investors in 2022 to over $280 million.

CRDB Tanzania has again attracted the attention of foreign investors this year by raising $130 million in an international syndicated loan transaction arranged by Investec Bank, a South African investment bank, and Intesa Sanpaolo, a leading bank in Brazil.

We are very excited to have closed this agreement. The raised funds from the international market will improve the bank’s overall capitalization and support our lending portfolio to the corporate and SME sector in Tanzania and Burundi. I would like to thank Investec Bank and Intesa for their support," said Abdulmajid Nsekela (pictured), CEO of CRDB Bank, commenting on the transaction.

According to the private placement financing transaction log compiled by Agence Ecofin, this is the fourth financing the institution has received this year, bringing the total resources it has raised in debt and equity to $280 million.

After attracting investors such as Proparco, Norfund, the Danish Fund for Enterprise Development in Developing Countries, and the International Finance Corporation, CRDB Tanzania has the profile expected from African actors that issue international debt.

Let’s note that the terms of the financing were not disclosed. CRDB Bank was founded in 1996. It is the largest bank in Tanzania, with an asset base of TSh8,800 billion (about $3.8 billion) as of December 31, 2021. It is active in the corporate, retail, business, and treasury segments.



 
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