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ICB to expand its presence in Tanzania

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by Maxence Melo, Jun 24, 2009.

  1. Maxence Melo

    Maxence Melo JF Founder Staff Member

    Jun 24, 2009
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    Andualem Sisay, AfricaNews reporter in Addis Ababa, Ethiopia

    The International Commercial Bank (ICB) indicated that it is planning to expand its presence in Tanzania to reach out to more customers.

    ICB expects to open branches upcountry said CEO Venkat Ramani. He stated that the bank's effort is aimed at making sure that no one is left out in the banking sector when rendering services that he claimed will be of state-of-the-art.

    According to the CEO who spoke in Dar es Salaam over the weekend, the bank will be able to provide customer oriented services based on the customer's views. "ICB will continue to pursue its strategy of expanding its network to key commercial areas and to serve the communities in the country," Ramani said.

    Within the last fourteen years, the ICB Banking Group has established commercial banks in Eastern Europe, Africa and Asia and now operates its banks in thirteen countries and has to its advantage more than a decade of banking experience within a global environment and a team of skilled and versatile managers.

    In 2004, the individual ownerships of the ICB Banking Group were corporatized under the umbrella of ICB Financial Group Holdings AG, a Swiss based holding company.

    ICB Bank operates in Senegal, Gambia, Guinea, Sierra Leone, Ghana, Djibouti, Zambia, Malawi and Mozambique. It also renders services in Albania, Laos, Bangladesh and Indonesia."We are concentrating on small- and medium-sized businesses as well as retail banking, although we provide the full range of banking services such as wholesale, and commercial banking," said Ramani.

    On 17th May 2007, ICB Financial Group Holdings AG was listed on AIM market of the London Stock Exchange.

    According to the information obtained from the bank’s official website, the Group subsequently made its foray into Asia in 2003 by acquiring an indirect stake of 11.3% in Bank International Indonesia, one of the largest banks in Indonesia (which was disposed in January 2008).

    It also acquired a controlling interest in the mid-size Bank Bumiputera in Indonesia in 2004, thereby expanding its frontiers in the banking industry.