CRDB Bank is among 106 safest banks in the world, according to an exclusive survey conducted by US based Global Finance Magazine.
The Safest Banks 2017 survey to be full published next month, surveyed 1000 banks globally -- Africa region, Asia, Australasia, Central and Eastern Europe, Latin America, Middle East, North America and Western Europe.
In sub-Sahara Africa, CRDB is among eight safest banks. Others are BancoAngolano de Investimentos of Angola, Rawbank of DCR, GCB Bank of Ghana, Stanbic Bank of Kenya, Zenith Bank of Nigeria, Standard Bank of South Africa and Ecobank Togo.
Global Finance Publisher and Editorial Director, Joseph D. Giarraputo, said banks were selected through an evaluation of longterm foreign currency ratings -- from Moody’s, Standard and Poor’s and Fitch -- and total assets of the 1000 largest banks worldwide.
“Despite efforts to harmonise financial rules across regions and around the world, regulations remain unique to each country, due to its particular risks and resources.
“Especially for banks operating across borders, the challenge is to respond to those individual situations while offering a consistent experience for the corporate clients that also operate in a number of different jurisdictions,” he said.
In addition to the Safest Banks by the country, the full report also includes the world’s 50 safest banks, world’s 50 safest commercial banks and 50 safest banks in emerging markets.
CRDB Managing Director, Dr Charles Kimei yesterday greeted the good news with excitement, saying it was an important global recognition for the country and the bank.
“We are proud to be the first bank in the country to be named among safest banks in the world and the only one in the country as per global raters,” Dr Kimei said. Global Finance is a monthly magazine founded in 1987 and has a circulation and readers in 163 countries.
Its headquarters are in New York, with offices in London and Milan. Each year Global Finance selects the best financial institutions around the world. CRDB is an African bank and a leading financial services provider in the country with current presence in Tanzania and Burundi.
It is listed on Dar es Salaam Stock Exchange (DSE) and offers a comprehensive range of corporate, retail, business, treasury, premier and wholesale microfinance services through a network of close to almost 300 branches.
Last year alone the bank received over 10 awards in different categories including Africa Business Leadership Excellency Awards – African Leadership Awards, New York 2016, Best Retail Bank Tanzania – Banker Africa – East Africa Awards 2016, The Best East African Bank of the year – African Banker Awards—AfDB Awards 2016 and Best Commercial Bank Tanzania – International Banker Awards 2016.