AfricaPress-Tanzania: NEWLY appointed CRDB Bank Plc’s Managing Director for Burundi, Fredrick Siwale will sustain the good performance which the subsidiary has displayed since its establishment in 2012.
CRDB Bank’s Managing Director and CEO, Abdulmajid Nsekela said in Dar es Salaam this week when announcing Siwale’s appointment that he has the confidence in the new Burundi subsidiary chief that he will sustain growth and profitability.
“I have confidence in Siwale’s capabilities to continue strengthening our Burundi business based on his tenacious mind and immense experience spanning over 17 years,” Nsekela said adding that Siwale has extensive expertise and experience in capital markets and treasury management, branch operations, as well as banking operations.
He joined the Dar es Salaam based lender in 2004 as a customer adviser in the Retail Department before moving up the career ladder in the Treasury Department, where he started as a dealer in 2006 but rose to various positions including as Treasury Dealer – Forex, Senior Manager – Forex and; Treasury Manager – Forex.
“Siwale’s career progression is consistent with the group’s strategic vision to expand leadership opportunities within the business and tap into the diverse knowledge, skillsets and talents available within its young and dynamic workforce,” Nsekela noted.
The 49 year old Siwale replaces Bruce Mwile, who has been at the helm of the subsidiary since its establishment in 2012. Mwile is currently the Chief Operating Officer of CRDB Group. Until his appointment, Siwale served as Head of Global Markets in the Department of Treasury, a position he has held since December 2019.
As MD of CRDB Burundi, Siwale immediate task will be to sustain the subsidiary’s growth trajectory, which has been consistent since its establishment. He will also be expected to champion innovations for the Group, mirroring strategies from the parent company.
Over the past two years, CRDB Bank Burundi’s financial performance has strengthened with its profit growing three-fold. In 2019, the subsidiary made a net profit of 6.2bn/-, which was an increase of 151 percent from 2.4bn/- made in 2018. The growth was the highest since its establishment and, was underlined by increased earnings from current accounts and savings deposits growth. During the year, the subsidiary’s assets grew by 32 percent to 258.9bn/-.
In the latest financial performance report, the subsidiary has posted an equally impressive performance with after-tax profit jumping 77.8 percent to 11.2bn/- year on year to December 2020.
“We are focused on enhancing services to our Burundi customers and supporting the local economy while at the same time facilitating cross-border transactions,” explained Nsekela.
CRDB Bank has accelerated its focus on regional growth and is currently looking at expanding its operations into deep Eastern Africa, targeting the Democratic Republic of Congo in 2021, among other potential markets, especially countries with strong trade ties with Tanzania. Group CEO believes that the Bank, which is currently one of the biggest lenders in the local market, has both the financial muscle and human resource to drive long term growth.
