Exim Bank Tanzania Completes Strategic Acquisition of Canara Bank, Advancing Regional Banking Expansion
Dar es Salaam – Exim Bank Tanzania has successfully finalized the acquisition of Canara Bank Tanzania Limited’s assets and liabilities, marking a significant milestone in its strategic growth trajectory.
The acquisition represents the bank’s third major expansion in six years, following a binding offer signed in 2024 and subsequent regulatory approvals. Established in 1997, Exim Bank has emerged as one of Tanzania’s top five banking institutions, leveraging strategic acquisitions to strengthen its domestic and regional presence.
Since 2016, Exim Bank has systematically expanded through targeted acquisitions, including banks in Uganda, UBL Bank Tanzania, and FNB Bank Tanzania. The latest Canara Bank Tanzania acquisition further solidifies the bank’s commitment to industry consolidation and enhanced financial services.
“We are delighted to integrate Canara Bank Tanzania’s customers into our banking ecosystem,” said the bank’s leadership. “This acquisition underscores our dedication to delivering innovative financial solutions and exceptional service, ensuring a seamless transition for all stakeholders.”
The strategic move aims to enhance banking sector efficiency, reduce operational costs, and provide more robust financial solutions. By facilitating the organized exit of smaller banks, Exim Bank is contributing to a more competitive and resilient financial landscape.
Key financial highlights reveal Exim Bank’s strong positioning, with total assets reaching Sh3.1 trillion, a net loan book of Sh1.8 trillion, and a deposit base of Sh2.5 trillion as of December 31, 2024.
The acquisition reflects Tanzania’s evolving banking sector, emphasizing consolidation, technological innovation, and sustainable economic development through strategic financial partnerships.
