Barclays Africa Group Limited has invested 32 billion in Barclays Bank Tanzania Limited as new capital to the bank, in a bid to strengthen and ensure the growth of the bank.
According to Mr. Abdi Mohammed the Managing Director at the Barclays Bank Tanzania Branch, the recapitalization demonstrates Barclays Africa Groups’ confidence in the Tanzanian market and the opportunity for growth and expansion.
“The recapitalization will also enable Barclays Bank Tanzania to extend it Single Borrower’s Limit to support development of the corporate business and to invest in employees. It will also allow the bank to invest in improving services and offering convenience to its customers.” he said.
Barclays Africa is committed to its Pan African strategy and to supporting its businesses in Tanzania. At the moment, the optimism about the natural resources sector relating to the development of gas indicates a positive economic impact in the long term.