Exim Bank Tanzania Completes Strategic Acquisition of Canara Bank, Reinforcing Market Position
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 expansion strategy.
This marks the bank’s third strategic acquisition in six years, demonstrating a consistent approach to growth and market consolidation. The transaction follows a binding offer signed in 2024 and subsequent regulatory approvals.
Established in 1997, Exim Bank has emerged as one of Tanzania’s top five banks, strategically expanding both domestically and regionally. The bank’s acquisition journey includes strategic moves in Uganda, Tanzania, and now the latest addition of Canara Bank Tanzania.
“We are delighted to integrate Canara Bank Tanzania’s customers into our banking family,” said the bank’s CEO. “This acquisition underscores our dedication to delivering innovative financial solutions and exceptional service while ensuring a smooth transition for all stakeholders.”
The acquisition is part of a broader strategy to enhance industry efficiency and strengthen Tanzania’s banking sector. By consolidating smaller institutions, Exim Bank aims to create more competitive and resilient financial entities with improved balance sheets and expanded market reach.
As of December 31, 2024, Exim Bank reported impressive financial metrics, including total assets of Sh3.1 trillion, a net loan book of Sh1.8 trillion, and a deposit base of Sh2.5 trillion.
The bank continues to emphasize its commitment to economic growth, financial inclusion, and supporting small and medium enterprises through technological innovation and strategic expansion.
