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, Friday, November 17th, 2017


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