BURUNDI – CRDB Bank Plc of Tanzania has appointed Fredrick Siwale as the new managing director for its Burundi subsidiary.
The 49-year old banker who has served as head of global markets in the department of treasury since December 2019 is replacing Bruce Mwile, who has been at the helm of the subsidiary since its establishment in 2012.
Mr Mwile currently leads the Bank’s groupwide operations in the capacity of chief operating officer.
CRDB Bank Plc’s group chief executive officer, Mr Abdulmajid Nsekela said he was confident that Mr Siwale had what it took to effectively head the Burundi subsidiary.
Mr Siwale has extensive expertise and experience in capital markets and treasury management, branch operations, as well as banking operations.
Having joined CRDB Bank in 2004 as a customer adviser in the retail department, Mr Siwale ambition saw him moving up the corporate ladder to be what he was today.
“Mr Siwale’s career progression is consistent with the Group’s strategic vision to expand leadership opportunities within the business and tap into the diverse knowledge, skillsets and talent(s) available within its young and dynamic workforce,” asserted Mr Nsekela.
As managing director of CRDB Bank Burundi, his immediate task will be to sustain the subsidiary’s growth trajectory, which has been consistently growing since it was established nine years ago.
In 2019, CRDB Bank Burundi registered a net profit of US$2.67 million, growing from US$1.03 million that was recorded in 2018.
Last year, CRDB Bank Burundi’s after tax profit jumped to US$4.8 million, buoyed primarily by sustained efforts to provide innovative financial services and offer flexibility to customers.
CRDB Bank has accelerated its focus on regional growth and is currently looking at expanding its operations into deep Eastern Africa, targeting the Democratic Republic of Congo in 2021, among other potential markets, especially countries with strong trade ties with Tanzania.
Mr Siwale’s appointment has already been approved by regulators in both Tanzania and Burundi.
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