TIB Corporate Bank Ltd (TIB- CBL) is a fully fledged commercial bank, owned by the Government of the United Republic of Tanzania.
The Bank has a branch network in main cities of Tanzania, 3 in Dar-Es-Salaam namely Samora, Mlimani City, and TPA mini branch and 4 branches upcountry namely; Arusha, Mwanza, Mbeya, and Dodoma. The bank offers customized products including credit facilities, trade finance, cash management, and treasury products.
Pursuant to the of section 33(1), 33(2)(f) and 33(2)(b) of the Banking and Financial Institutional Act,2006 the Bank of Tanzania decided to suspend the appointment of Mr. Frank Nyabundege with effect from 13th July 2019. Consequently has appointed Mr. Fred Luvanda to oversee the affairs and daily business operations of the bank.
Regarding this decision, we would like to clarify to the public that the bank is NOT under the Bank of Tanzania (BOT) Statutory Management. The decision done is the suspension of the Managing Director only. The bank shall continue with its normal operations to serve customers proficiently and diligently.
We take this opportunity to request our esteemed clients and other stakeholders to remain calm and assure you that the Government and Bank of Tanzania understand clearly the importance of this bank and they will continue to provide the necessary support to TIB Corporate Bank Ltd to ensure that the bank achieve its desired objectives for the benefit of the country.
Fred Luvanda
Acting Managing Director
Dar es Salaam 15th July 2019
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