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CRDB Bank, one of the renowned financial services group, led by Tanzanian banker Abdulmajid Nsekela has raised $200 million through a syndicated loan after international lenders pledged a record $567 million—more than twice the initial target.
The strong response highlights rising investor confidence in Tanzania’s largest lender and the East African economy. The loan is CRDB’s fourth syndication since 2022 and was co-arranged by Investec Bank and Intesa Sanpaolo. Originally structured as a $100 million, two-year facility, the size was doubled following overwhelming interest.
“As a sign of continued market confidence in CRDB Bank and the East African economy, the syndicated term loan was again oversubscribed,” said Marc Kohne, head of Africa leveraged finance at Investec Corporate & Institutional Banking.
Growing investor pool
According to the arrangers, lenders committed $416.5 million for the one-year tranche and $151 million for the two-year tranche—the highest participation since the program began. Investor commitments have grown every year: $130 million in 2022, $202 million in 2023, and $247 million in 2024.
The lender base has also expanded, from 13 institutions in 2022 to 30 this year, including new entrants from South Africa and Nigeria’s Africa Finance Corporation. “This record outcome underlines the confidence that international investors have in both CRDB and the Tanzanian economy,” said Rowan King, Investec’s head of Africa business development.
Nsekela said the oversubscription was a clear signal that global markets view Africa as a place of long-term opportunity. “The consistent support reflects growing belief in Africa’s economic future. CRDB is proud to contribute to that story,” he said. CRDB’s B1 rating with a stable outlook from Moody’s has strengthened confidence among lenders, according to the bank.
Expanding footprint
Founded in 1996 and listed on the Dar es Salaam Stock Exchange in 2009, CRDB has grown into a financial group with assets of more than $5 billion. It operates in Tanzania, Burundi and the Democratic Republic of Congo, and has moved into insurance through CRDB Insurance Company, licensed in 2023 by the Tanzania Insurance Regulatory Authority.
In March, the bank signed a €48 million ($56.3 million) deal with Proparco to support micro, small and medium-sized businesses. It also partnered with Sanlam Investments East Africa to widen access to the Sanlam Pesa Money Market Fund.
Nsekela, who became CEO in 2018, has nearly three decades of experience in investment, retail and private banking across East Africa. Beyond his role at CRDB, he serves on several national boards, including the Tanzania Cooperative Development Commission and the Tanzania National Business Council.
