by Wallace Mawire.
Harare, Zimbabwe. (News Of The South) – The Eastern and Southern African Trade and Development Bank, commonly known as PTA bank has changed its official brand name to Trade and Development Bank (TDB).
According to a bank spokesperson, since its establishment over three decades ago, the bank operated under its legal name, “Eastern and Southern African Trade and Development Bank”.
It is reported that through the revitalisation of its corporate branding, the bank will be trading under one trade name, Trade and Development Bank and a new logo, while its legal name “Eastern and Southern African Trade and Development Bank” will remain unchanged.
It is also reported that the regional multilateral development finance institution will continue to increase financing for priority sectors such as trade, infrastructure, manufacturing,industry and agribusiness across the 20 member states it operates in, over the next five years.
“Our rebranding represents our rejuvination and recommitment to innovate and play a more active role in promoting trade, economic development and regional integration, at a crucial time when the region is looking to more vigorously advance economic transformation and ratchet up the tapering growth,” Admassu Tadesse, President and
Chief Executive of the Trade and Development Bank said.
Tadesse said that in the recent years, the bank has been giving a big boost to financing of trade, enterprise and infrastructure, which has been evidenced in the tripling of their loan assets in the past five years.
He says that the bank has made substantial contributions to the rising economic growth and infrastructure development in the region.
He said that the rebranding follows several years of capital growth improved asset quality, healthy profitability, membership expansion and innovation on the back of a series of institutional reforms aimed at strengthening corporate governance and talent while modernising the bank.
It is also added that the Trade and Development Bank will continue to support independent power and transport projects, as well as agribusiness and industry, alongside trade financing of essential commodities such as fertilizer, equipment, agricultural commodities and petroleum.
TDB was established in 1985 and is a multilateral, treaty based financial institution with immunities and priviledges and currently has a balance sheet of about $4 billion.Its mission and objectives are to provide developmental capital and services in the region, through customer focused and innovative financing instruments.
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