The Bank of Tanzania (BoT) has issued a banking business license to a new bank namely, UBL Bank (Tanzania) limited taking to 46 the number of commercial banks operating in the country 46.
A brief statement issued by BoT on Tuesday, said the licence allows the bank to carry out banking business in Tanzania as a commercial bank whith its head office located at Mkwepu/Kaluta Street in Dar es Salaam.
United bank or UBL Bank (T) Limited which is incorporated in Pakistan commenced operations on 31st last month.
According to the UBL ’s website the bank, which is completing 10 years of privatisation to a consortium comprising Abu Dhabi Group and UK’s Best Way Group, has a clear strategic roadmap to evolve its international franchise and making it an effective contributor to its overall earnings.
Also, Tanzania, where most of the entrepreneurs come from South Asian background, UBL would be in a better position to utilise this potential.
“The single branch operations would be built around whole sale banking model, catering to corporate business, trade finance, treasury and investment banking.
In line with that strategy, that existing footprint was consolidated starting with the Middle East, where the bank has a strong presence in the UAE, Qatar, Bahrain and Yemen. The bank set up new branches wherever possible, relocated several and remodeled existing ones.
UBL with its strong domestic base of 1,200 branches and network in 11 countries is set to play a major role in the evolution of this trade corridor.
The bank would also capitalise on its 45-years of local knowledge and networking in the Middle East, which is India’s largest trading partner.
It is one of Pakistan’s largest private banks with a global strategic outlook and a strong track record of growth in business in terms of volume and profit, according to bank’s officials.
UBL operates a network of over 1,200 branches across Pakistan, including 14 domestic Signature Priority Banking lounges and 18 overseas branches.
It offers a dynamic portfolio of globally competitive products and services. With a customer base of over 3.5 million, deposits of Rs.697 billion and advances amounting to Rs.379 billion at 30th September last year, it is at the forefront of the banking and financial services sector in Pakistan.
The bank launched its branchless banking operations in April 2010 under the brand name of UBL Omni, which now operates from over 9,000 Omni retail outlets present in more than 680 cities and towns across the country.