PTA Bank rebrands

HARARE - The Eastern and Southern African Trade and Development Bank, commonly known as PTA Bank, has rebranded to Trade and Development Bank (TDB) in line with its new mandate.

The leading regional multilateral Development Finance Institution (DFI), which has been in operation for just over three decades, has also announced that it will continue to increase financing for priority sectors such as infrastructure, manufacturing, industry and agribusiness across the 20-member states it operates in, over the next five years.

“Our rebranding represents our rejuvenation and recommitment to innovate and play a more active role in promoting trade, economic development and regional integration,” the bank’s president and chief executive, Admassu Tadesse, said.

“This is at a crucial time when the region is looking to more vigorously advance economic transformation and ratchet up the tapering growth,” he added.

Through the revitalisation of its corporate branding, TDB will be trading under one trade name (Trade and Development Bank — TDB) and a new logo while its legal name “Eastern and Southern African Trade & Development Bank” will remain unchanged.

“In recent years, we have been giving a big boost to our financing of trade, enterprise and infrastructure, which is evidenced in the tripling of our loan assets in the past five years,” Tadesse said.

“We have made substantial contributions to the rising economic growth and infrastructure development in the region, in line with regional and international development strategies, notably those aimed at achieving the Sustainable Development Goals and Africa’s Vision 2063.

“We have funded several landmark renewable energy projects such as Turkana Wind Power in Kenya, Hydromax Minihydro in Uganda, and industrial projects such as cement and steel plants in DR Congo, Djibouti, Zambia, Rwanda, Ethiopia and Zimbabwe,” he added.

The rebranding follows several years of capital growth improved asset quality, healthy profitability, membership expansion and innovation, on the back of a series of institutional reforms aimed at strengthening corporate governance and talent while modernising the Bank.

“We have sharply increased our capacity to meet the rising demand for the Bank’s products and services, thanks to the strong funding and strategic partnerships we have built up with investors.

“Our shareholder base has increased by more than 50 percent in recent years, with several new institutional investors and member States.

“Indeed our equity capital has almost tripled (300 percent growth) since we embarked on the current corporate plan in 2012” added director of corporate affairs and investor relations, Mary Kamari.

Established in 1985, TDB is a multilateral, treaty-based financial institution with immunities and privileges, and currently has a balance sheet of about $4 billion.

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