Diamond Trust Bank targets to enter five new African countries by 2020.

By bne IntelliNews July 19, 2012
Kenya-based Diamond Trust Bank (DTB), which operates in Kenya, Tanzania, Uganda and Burundi, targets to expanding its footprint into five new countries by 2020, Business Daily reported. DTB, which is the tenth biggest commercial lender in Kenya, will aim to enter the markets of South Sudan, Rwanda, DRC, Mozambique and Madagascar in its medium term growth plan. It will consider both acquisitions and Greenfield operations. As of end-May, DTB had a total of 78 branches in four East African countries - 38 in Kenya, 22 in Uganda, 14 in Tanzania and four in Burundi. Last year, DTBs Kenyan business made up 75% of the banks total net profit, Tanzania accounted for 13%, Uganda contributed 11% and Burundi contributed 1%. DTB launched this week 24.5 million new shares, seeking to raise KES 1.8bn (EUR 17.5mn) to fund asset growth and expand its local and regional branch network.

Related Articles

South Africas Exxaro mulls firing striking coal miners.

South African company Exxaro Resources said one of the options it currently considers is dismissing striking coal mine workers who fail to return to work in the week of March 25, fin24 reported ... more

South Africas Telkom says there is no decision to lay off 13,000 employees.

South Africas telecommunication operator Telkom said that it has not made a decision on retrenching 13,000 employees, or more than half of its staff, TechCentral reported quoting a company ... more

BP, Masana Petroleum Solutions sell LPG business in South Africa.

Oryx Energies, a major independent provider of oil and gas products and services in Africa, has agreed to buy the South African liquefied petroleum gas (LPG) distribution businesses of BP and ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss