CRDB Bank DR Congo

CRDB Bank DR Congo, is a commercial bank in the Democratic Republic of the Congo. It is licensed by the Central Bank of the Congo, the central bank and national banking regulator. CRDB Bank DR Congo opened for business in Lumumbashi, Haut-Katanga Province on 10 July 2023.

History
After making preparations, the CRDB Bank Group of Tanzania, planned to start an operational banking subsidiary in the Democratic Republic of the Congo in 2022. After several delays, the bank opened its first branch in the southeastern city of Lubumbashi, in Haut-Katanga Province on 10 July 2023. Construction work on the bank's headquarters and main branch in Lubumbashi began in March 2022, at a contract price of US$595,000.

Location
The headquarters of CRDB Bank DR Congo are located at Hypnose Building, 826 Avenue Mama Yemo, in the city of Lubumbashi, in the Haut-Katanga Province, in the extreme southeastern part of the country.

Overview
CRDB Bank DR Congo started with investment capital of US$30 million from three institutional investors: (a) CRDB Bank Plc of Tanzania (b) Investment Fund for Developing Countries (IFU) of Denmark and (c) Norfund of Norway. As of 31 December 2023, the bank's total assets were valued at US$45.3 million, with customer deposits of US$900,000.

CRDB Bank Group
CRDB Bank DRC Congo is a member of the CRDB Bank Group of Companies, comprising CRDB Bank Plc in Tanzania, CRDB Bank Burundi in Burundi and CRDB Bank DR Congo in DR Congo. The Group also maintains a fourth subsidiary, CRDB Insurance Company Limited, active in Tanzania. The shares of stock of the group are traded on the Dar es Salaam Stock Exchange, under the symbol: CRDB.

Branches
In May 2023, at the time of initial licensing, CRBD Bank DR Congo planned to start with opening its headquarters and main branch in Lubumbashi. Over time, during the first three years of its operations, the bank expects to open more branches in other DRC cities, including Kinshasa, Kolwezi, Tshikapa, Kisangani and other cities in Tanganyika Province, North Kivu Province and South Kivu Province.

Shareholding
The bank is a greenfield start-up by one financial services conglomerate based in Tanzania and two Scandinavian development financial houses. The table below illustrates the shareholding in the core capital of the bank as of April 2023.

Governance
As of November 2023, the chairman of the board of directors is Fred Msemwa. The managing director is Jessica Nyachiro.