Rabobank Consortium Acquires Interest in Tanzanian Bank
25-08-05
The Tanzanian government announced that it has selected a consortium, led by Rabobank, as the winner in a tender for the purchase of the National Microfinance Bank (NMB). The purchase means that Rabobank, together with its partners, will acquire 49% of the shares in NMB. The agreement also stipulates that, following the share transfer, Rabobank will provide management and technical assistance for the further development of NMB, one of the largest banking institutions in Tanzania. In addition, Rabobank will provide the bank's management team for the coming years. Currently, NMB predominantly provides infrastructure for payments and offers savings products. The bank has recently begun offering credit products mainly in form of micro-loans. On September 30th, the official signing with Rabobank will take place in Tanzania.
By making funds and knowledge available, Rabobank seeks to enable the Tanzanian bank to achieve further development, particularly in relation to providing services in rural areas and optimising its nationwide outreach. The financial partnership is intended to signal the start of a long-term relationship between Rabobank and rural development in Tanzania, a developing country. Within the context of this relationship, Rabobank will export its original successful formula of providing people with access to financial services as a vehicle for stimulating economic development. A technical assistance project has been planned for the first three years. This programme will include providing NMB's key employees with additional training in the Netherlands and an introduction to Rabobank. Further, Rabobank specialists in various areas will deploy their expertise in Tanzania in the years ahead.
