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.
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