Speaking last week during a meeting with its customers, the bank’s Managing Director, Hathibelagal Seshagiridas said the Dar es Salaam based bank is currently concentrating on business models that incorporate social and environmental safeguards in its lending policies.
“Canara Bank in Tanzania is becoming a facilitator that mobilizes funding for private and public sector engagement for development, capacity building for small and medium enterprises that grow into large corporations that confidently infiltrate international markets and set global standards in the exporting arena,” said Seshagiridas.
He asserted that the bank’s board had last year approved the Insurance Premium Funding Scheme which has started to reflect on the enhanced portfolio quality and customer satisfaction, through improved services delivery.
“While we will continue to fine tune our internal short to medium term strategies and action plans that are more geared towards our internal processes such as re-alignment and re-engineering of the institution, long-term strategies have been developed to ensure quality porfolio growth,” the Canara MD added.
Seshagiridas further pointed out that the bank forecasts the budgeted portfolio size of over 100bn/- for 2018 while its equity capital investment is at 32bn/- and portfolio size at 20.68bn/- in 2016 and in 2017.
“This increase was mainly due to new loans resulting from a number of strategies and policy initiatives implemented by the bank to widen its role in banking sector. Through such strategies, CBTL is envisioned to institutionalize itself as a leading regional and international development institution in the next 25 years,” added the MD.
As it marks three year since its inception in the country, Canara Bank started on December 2015 with mission to establish a footprint of its brand in the country.
Founded in India by Ammembal Subbarao Pai, Canara has been operating since 1906 under the founder’s who said, “A good bank is not only the financial heart of the community but also one with an obligation of helping in every possible manner to improve the economic conditions of the common people.”
Tanzania is the second country in Africa where the bank has presence following South Africa in 2014.