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DAR ES SALAAM: EXIM Bank Tanzania has successfully completed the acquisition of Canara Bank Tanzania, underscoring the former’s strategic commitment to growth, innovation and enhanced customer-centric services.
Exim’s CEO, Jaffari Matundu, said yesterday that this milestone marks the bank’s third acquisition in six years, reinforcing its position as a dominant force in the country’s banking sector.
“We are thrilled to welcome Canara’s customers to the Exim family. This acquisition highlights our steadfast commitment to delivering innovative financial solutions and exceptional service, ensuring a smooth transition for all stakeholders,” he said.
He said mergers and acquisitions are critical in driving efficiency and strengthening the banking industry.
“This acquisition is a strategic leap in our journey to redefine banking in Tanzania and the region. Together, we will drive innovation, growth and deliver impactful solutions that address our customers’ evolving needs while contributing to sustainable economic development,” Mr Matundu said.
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Exim’s strategic acquisitions have been instrumental in enabling the orderly exit of smaller, less efficient banks, fostering the creation of larger, more competitive institutions with stronger balance sheets.
These moves have expanded market reach, diversified product offerings, boosted industry resilience to capital shocks and reduced compliance and technology costs.
This acquisition aligns with Exim’s vision of becoming a regional financial powerhouse and supports the consolidation and stability of Tanzania’s banking sector.
Following the signing of a binding offer last year and receiving the necessary regulatory approvals, the transaction was successfully finalised.
Since its inception in 1997, Exim has grown into one of the country’s top five banks, leading regional and domestic expansion through strategic acquisitions.
This journey began in 2016 with the successful turnaround of a Ugandan bank, followed by acquisitions of UBL Bank Tanzania in 2019, FNB Bank Tanzania in 2022 and now Canara Bank last year.
The bank also operates a representative office in Ethiopia, further reinforcing its regional aspirations.
On the other hand, Exim’s Head of Strategic Initiatives, Sumit Shekhar said they are committed to not just being a part of Tanzania’s economic growth but actively driving it.
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