Dar es Salaam. Exim Bank Tanzania has successfully finalised the acquisition of Canara Bank Tanzania Limited’s assets and liabilities, marking a significant milestone in its expansion strategy.
The acquisition is Exim Bank’s third in six years, the bank said in a statement yesterday.
The deal follows a binding offer signed in 2024 and the subsequent regulatory approvals, culminating in the transaction’s completion.
Exim Bank, established in 1997, has steadily grown into one of Tanzania’s top five banks, leverage strategic acquisitions to expand both domestically and regionally. Its acquisition journey began in 2016 with a bank in Uganda, followed by UBL Bank Tanzania in 2019, FNB Bank Tanzania in 2022, and now Canara Bank Tanzania in 2024.
The bank also operates a representative office in Ethiopia, underlining its regional ambitions. Commenting on the development, Exim Bank’s chief executive officer, Mr Jaffari Matundu, welcomed former Canara Bank Tanzania customers, assuring them of a seamless transition.
“We are delighted to integrate Canara Bank Tanzania’s customers into the Exim Bank family. This acquisition underscores our dedication to delivering innovative financial solutions and exceptional service, ensuring a smooth transition for all stakeholders,” said Mr Matundu.
“This is a strategic step towards redefining banking in Tanzania and the region. Together, we will continue to innovate, grow, and provide impactful financial solutions that meet the evolving needs of our customers while supporting sustainable economic development,” he added.
Mergers and acquisitions play a crucial role in enhancing efficiency and strengthening Tanzania’s banking industry.
Exim Bank’s expansion strategy has facilitated the organised exit of smaller or less efficient banks, enabling the formation of stronger, more competitive institutions with improved balance sheets and expanded market reach.
This approach enhances industry resilience, reduces compliance and technology costs, and fosters sustainable banking practices.
Exim Bank’s head of strategic initiatives, Mr Sumit Shekhar, emphasised the bank’s commitment to economic growth and financial inclusion.
“We are not just participants in Tanzania’s economic progress; we are actively driving it. From supporting SMEs to leverage technology for financial inclusion, we are committed to making a tangible difference,” said Mr Shekhar.
Tanzania’s banking sector, despite the country’s relatively smaller economy compared to South Africa and Nigeria, hosts a large number of financial institutions.
However, consolidation efforts such as acquisitions aim to foster resilience, inclusivity, and sustainable credit flow.
Exim Bank’s chief finance officer, Mr Shani Kinswaga, highlighted the bank’s financial standing, which has enabled such strategic expansions.
According to him, as of December 31, 2024, the bank’s total assets stood at Sh3.1 trillion, with net loan book standing at Sh1.8 trillion. He said the bank’s deposit base was at Sh2.5 trillion.
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Tanzania Confirms Outbreak of Marburg Virus Disease
Dodoma — Tanzania today confirmed an outbreak of Marburg virus disease in the northwestern Kagera region after one case tested positive for the virus following investigations and laboratory analysis of suspected cases of the disease.
President of the Republic of Tanzania, Her Excellency Samia Suluhu Hassan, made the announcement during a press briefing alongside World Health Organization (WHO) Director-General, Dr Tedros Adhanom Ghebreyesus, in the country’s administrative capital Dodoma.
“Laboratory tests conducted in Kabaile Mobile Laboratory in Kagera and later confirmed in Dar es Salaam identified one patient as being infected with the Marburg virus. Fortunately, the remaining suspected patients tested negative,” the president said. “We have demonstrated in the past our ability to contain a similar outbreak and are determined to do the same this time around.”
A total of 25 suspected cases have been reported as of 20 January 2025, all of whom have tested negative and are currently under close follow-up, the president said. The cases have been reported in Biharamulo and Muleba districts in Kagera.
“We have resolved to reassure the general public in Tanzania and the international community as a whole of our collective determination to address the global health challenges, including the Marburg virus disease,” said H.E President Hassan.
WHO is supporting Tanzanian health authorities to enhance key outbreak control measures including disease surveillance, testing, treatment, infection prevention and control, case management, as well as increasing public awareness among communities to prevent further spread of the virus.
“WHO, working with its partners, is committed to supporting the government of Tanzania to bring the outbreak under control as soon as possible, and to build a healthier, safer, fairer future for all the people of Tanzania,” said Dr Tedros. “Now is a time for collaboration, and commitment, to protecting the health of all people in Tanzania, and the region, from the risks posed by this disease.”
Marburg virus disease is highly virulent and causes haemorrhagic fever. It belongs to the same family as the virus that causes Ebola virus disease. Illness caused by Marburg virus begins abruptly. Patients present with high fever, severe headache and severe malaise. They may develop severe haemorrhagic symptoms within seven days.
“The declaration by the president and the measures being taken by the government are crucial in addressing the threat of this disease at the local and national levels as well as preventing potential cross-border spread,” said Dr Matshidiso Moeti, WHO Regional Director for Africa. “Our priority is to support the government to rapidly scale up measures to effectively respond to this outbreak and safeguard the health of the population,”
Tanzania previously reported an outbreak of Marburg in March 2023 – the country’s first – in Kagera region, in which a total of nine cases (eight confirmed and one probable) and six deaths were reported, with a case fatality ratio of 67%.
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In the African region, previous outbreaks and sporadic cases have been reported in Angola, the Democratic Republic of the Congo, Ghana, Kenya, Equatorial Guinea, Rwanda, South Africa and Uganda.
Marburg virus is transmitted to people from fruit bats and spreads among humans through direct contact with the bodily fluids of infected people, surfaces and materials. Although several promising candidate medical countermeasures are currently undergoing clinical trials, there is no licensed treatment or vaccine for effective management or prevention of Marburg virus disease. However, early access to treatment and supportive care – rehydration with oral or intravenous fluids – and treatment of specific symptoms, improve survival.
Source: allafrica.com
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