Exim Bank Finalises Acquisition of Canara Bank Tanzania

Deal News | Jan 30, 2025 | EIN

Exim Bank Tanzania has completed the acquisition of Canara Bank Tanzania's assets and liabilities, reinforcing its strategy of growth through acquisitions. This marks Exim Bank's third acquisition in Tanzania over six years, following past acquisitions in Uganda and neighboring Tanzania-based banks. The completion of this transaction follows a binding offer made in 2024 and necessary regulatory approvals. Exim Bank's CEO, Jaffari Matundu, expressed commitment to integrating Canara customers and expanding innovative financial services. The bank's strategy focuses on improving efficiency and inclusivity in Tanzania's banking sector, aiming to consolidate smaller banks and create robust financial institutions. This approach intends to bolster the industry’s resilience and reduce operational costs. The bank, with a strong asset base, is gearing towards fostering economic growth and financial inclusion, according to the strategic initiatives head, Sumit Shekhar, and CFO, Shani Kinswaga.

Sectors

Banking and Finance
Mergers and Acquisitions

Geography

Tanzania – The acquisition affects the Tanzanian banking market, where both Exim Bank and Canara Bank Tanzania operate.
Africa – With Exim Bank opening a representative office in Ethiopia and past acquisitions in Uganda, the article reflects its regional expansion strategy within Africa.

Industry

Banking and Finance – The article discusses the acquisition in the banking sector, highlighting Exim Bank's strategy to grow through mergers and acquisitions, aiming to expand and strengthen its market presence.
Mergers and Acquisitions – The article covers Exim Bank's acquisition of Canara Bank Tanzania as part of its strategic growth plan, signifying active involvement in the industry’s M&A activities.

Financials

Sh3.1 trillion – Exim Bank's total assets as of December 31, 2024.
Sh1.8 trillion – Exim Bank's net loan book as of December 31, 2024.
Sh2.5 trillion – Exim Bank's deposit base as of December 31, 2024.

Participants

Name	Role	Type	Description
Exim Bank Tanzania	Acquiring Company	Company	Exim Bank is one of Tanzania’s top five banks, focusing on strategic acquisitions for regional and domestic expansion.
Canara Bank Tanzania Limited	Target Company	Company	The banking entity whose assets and liabilities were acquired by Exim Bank Tanzania.
Jaffari Matundu	CEO of Exim Bank Tanzania	Person	Responsible for overseeing and declaring the integration of Canara Bank Tanzania’s customers into Exim Bank.
Sumit Shekhar	Head of Strategic Initiatives at Exim Bank Tanzania	Person	He focuses on driving economic growth and financial inclusion through strategic initiatives.
Shani Kinswaga	Chief Finance Officer at Exim Bank Tanzania	Person	Highlights Exim Bank's financial capacity to engage in strategic acquisitions and expansions.