Kenyan bank to expand operations to Burundi and Uganda

04/06/2008

Nairobi, Kenya – Shareholders of the Kenya’s Diamond Trust Bank (DTB), a subsidiary of the Agha Khan Fund for Economic Development (AKFED), Wednesday approved the bank’s plan to expand to Burundi and Uganda, making it the third bank to move regionally.

The shareholders, who met at the bank’s annual general meeting (AGM) on Wednesday, also approved mass payouts of dividends of 35% on the Issued and Paid-up Capital of Kshs 652 million, an increase of 40% over the previous year, bank executives said.

The bank’s Chairman, Mahmood Manji, said the decision to enter the Burundi market and increase its investment in DTB Uganda was prompted by the need to further strengthen its presence in East Africa.

The Group is already well established in Tanzania.

DTB Kenya said it intends to establish a subsidiary in Burundi and increase its investment in DTB Uganda, by participating in the latter’s rights issue, which would allow existing shareholders to increase their stakes in the bank.

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Author: ismailimail

Independent, civil society media featuring Ismaili Muslim community, its achievements and humanitarian works.

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