Letshego Bank Tanzania – History, Ownership, Network and More
Letshego Bank Tanzania Limited also called Letshego Bank, operates as a Tanzanian commercial bank regulated by the country’s national banking regulator and central bank, the Bank of Tanzania.
|Headquarters||Dar es Salaam|
|Products||Checking, Loans, Savings, Debit Cards, Investments|
|Key people||Chairman – Claude Falgon CEO – Frank Sneider|
|Total assets (March 2015)||8.7 million USD (Tsh 15.3 billion)|
Letshego Bank Tanzania operates as a commercial bank that the Bank of Tanzania governs. The social objective of the bank is to provide appropriate and long-term financial services to medium-sized, small, and micro-businesses, as well as low and middle-income employees. Letshego is a microfinance institution. The equity of the stockholder was valued at around €5.2 million (6.5 million USD or Tsh:11.4 billion) by March 2014. Customer deposits reached approximately €1.8 million (2.23 million USD or Tsh:3.9 billion). In March 2014, Letshego’s total assets were projected to be €7.0 million (8.7 million USD or Tsh:15.3 billion).
In May 2010, the bank, which was then called Advans Bank Tanzania, got a commercial banking permit from the Bank of Tanzania. In February 2011, Letshego bank established its first office in Dar es Salaam, Tanzania’s commercial hub and largest city. The Letshego Microfinance Bank aimed to create other branches in the city of Dar es Salaam as well as other parts of the nation once it opened with a workforce of eighteen.
Letshego Bank Tanzania Ownership
Advans Bank Tanzania was established in 2011 as a joint enterprise involving Advans SA, an enterprise capital business based in Luxembourg, as the primary shareholder (70 percent) and the Netherlands Development Finance Company (FMO) with 30 percent ownership. Advans SA’s goal is to build microfinance institutions in emerging markets. Advans SA, which was established in 2005, owns microfinance institutions in the DRC, Ghana, Cameroon, Cambodia, Cote d’Ivoire, Pakistan, and Tanzania. Advans SA had spent more than USD 76 million (55 million Euros) in the nations they operate in by March 2011. Letshego Holdings Ltd Botswana purchased 75% of the bank in November 2015 by injecting USD 7 million in additional shares.
Letshego Bank Tanzania’s shareholding is illustrated in the table below as of November 2015.
|Advans SA Luxemborg||17.5|
|Letshego Holdings Ltd Botswana||75.0|
|Manzese Branch (Main Branch)||Dar es Salaam||93 Morogoro Road at Manzese Darajani|
|Mbeya Branch||Mbeya||Soweto at former Royal Zambezi|
|Mwanza Branch||Mwanza||Lumumba Road accross Mayi Hotel|
|Temeke Branch||Dar es Salaam’s Temeke||Across Temeke Primary Court|
|Kariokoo Branch||Dar es Salaam’s Kariakoo||Kariakoo Street, Lumumba Street|
Andrew Charles Tarimo is the acting CEO of Letshego Bank Tanzania.
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