News 

Thursday, November 16, 2017 

PTA Bank becomes Trade and Development Bank.

Keith Muhakanizi the Permanent Secretary Ministry of Finance and Mary Makari of TDB Bank


KAMPALA, UGANDA- The Eastern  and Sothern  Africa  Trade  and  Development  Bank Commonly  known as PTA Bank has  changed  its official  Brand  name to  Trade Development Bank( TDB).

The new brand name was announced in Kampala recently during a media briefing. TDB Director  Corporate  Affairs  and Investors  Relations , Mary  Kamari said they adopted the new name to match with its kind of business.

“Our new name will help us to achieve the bank’s objectives among which is spearheading trade among our member states. Our rebranding   represents rejuvenation and recommitment   to innovate and play a more active role in promoting trade,” said Kamari.

The rebranding  of PTA to TDB  follows  several  years of  improved  asset  quality , healthy  profitability and  innovation on the back of series  of Institution reforms  aimed at  strengthening  and  modernizing  the bank.

In the press statement that was issued,  the Bank’s  Chief Executive Officer / President Admassu  Tadesse  said they have dramatically increased  their capacity  to meet  the rising  demand  for the bank’s products  and services  from their customers both from  Government and private sector.

Explaining on what has helped the bank to offer quality services,  Kamari attributed it to strong relationship between the bank and its funders.

 “As TDB, we have built strong relationship with our funders especially those willing to finance long term loans. This has helped the bank to offer quality long term financing loans to our clients .  We are seeing our shareholders base increasing by more than 50% in recent years,” she noted.

 Asked what their customers should expect from the rebranding, the  Director Portfolio Management Wycliffe Bbosa said they will continue to support both Government and the private sector with in their member countries.

“We are committed to finance government projects especially infrastructure development such as power and roads which are crucial in supporting economic growth,” said Bbosa.

TDB, formally PTA bank has supported both Government and the private sector by extending long-term loans to its member states which are 21.

In Uganda,  the Bank extended loan support to two firms Kampala Cement and Abacus pharmaceuticals. The Bank offered loans totaling to US$9.1Million to Abacus to construct a state of the art pharmaceutical plant in Mukono and the same Financial Development Bank extended a financial loan to Kampala cement which now has the capacity of producing 1Million tons of  Cement  annually.

The permanent Secretary Ministry of Finance Planning and Economic Development Keith Muhakanizi said the bank has been very supportive to Uganda as a country. The Government has secured many loans from the bank to finance infrastructure development in the country.

“The Bank has been very supportive to the government of Uganda recently we secured US$ 200 Million loan which we used to improve infrastructure in the Kampala city  among other ongoing projects across the country, “said Muhakanizi.

TDB is  an Institution  of the Common  Market for  Eastern  and Southern Africa ( COMESA) its membership   is open to  COMESA  and  Non COMESA states. The Financial Institution was established in1985. The Bank’s core operation focus on Trade Financing and Infrastructure projects financing across the over 21 members states.

 

 

By SAMUEL NABWIISO, Thursday, November 16th, 2017