By Najib Mulema
The Eastern and Southern African Trade and Development Bank, commonly known as PTA bank has changed its official brand name to Trade and Development Bank (TDB).
Since its establishment over three decades ago, the Bank has operated under its legal name Eastern and Southern African Trade and Development Bank as well as two trading names in English and French; PTA Bank/ Banque de la ZEP.
However, through the revitalization of its corporate branding, the bank will be trading under one trade name, Trade and Development Bank and a new logo, while its legal name “Eastern and Southern African Trade and Development Bank” will remain unchanged.
The regional multilateral development finance institution will continue to increase financing for priority sectors such as trade, 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, at a crucial time when the region is looking to more vigorously advance economic transformation and ratchet up the tapering growth,” said Admassu Tadesse, President and Chief Executive of the Trade and Development Bank.
Tadesse said that in the recent years, the bank has been giving a big boost to financing of trade, enterprise and infrastructure, which has been evidenced in the tripling of their loan assets in the past five years.
He noted that the bank has made substantial contributions to the rising economic growth and infrastructure development in the region.
“We have funded several landmark projects such as Kilwa Power in Tanzania, the Fibre Optic Backbone Project in Burundi and 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,” said Tadesse.
Senvyar Maistry, the TDB Senior Communications Officer said the rebranding follows several years of improved asset quality, health profitability and innovation, on the back of a series of institutional reforms aimed at strengthening and modernizing the bank.
“We have dramatically increased our capacity to meet the rising demand for the bank’s products and services, thanks to the strong funding partnerships we have built up with long term funders and investors. Our shareholder base has increased by more than 50% in recent years, with several new institutional investors and Member states. Indeed our equity capital has tripled since we embarked on the current corporate plan in 2012,” added Mary Kamari, Director of Corporate Affairs and Investor Relations.
TDB was established in 1985 and is a multilateral, treaty based financial institution with immunities and privileges and currently has a balance sheet of about $4 billion. Its mission and objectives are to provide developmental capital and services in the region, through customer focused and innovative financing instruments.