Eastern and Southern African Trade and Development Bank, commonly known as PTA Bank, has rebranded to Trade and Development Bank (TDB).
“The rebranding represents our rejuvenation 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, the president and chief executive of the Trade and Development Bank, said yesterday.
The move also seeks to position the bank better, enabling it to continue financing priority sectors such as infrastructure, manufacturing, industry and agribusiness across its 21 member states over the next five years, officials told The New Times. Though the funder’s corporate identity has been rebranded to Trade and Development Bank, the banks legal entity will remain unchanged as Eastern and Southern African Trade and Development Bank, Tadesse said.
The bank’s membership comprises of the 17 Common Market for Eastern and Southern Africa members, China and African Development Bank.
Mary Kamari, the bank’s director of corporate affairs and investor relations, said the rebranding follows several years of improved asset quality, profitability and innovation on the back of a series of institutional reforms aimed at strengthening and modernising the bank.
The bank’s loan book has tripled over the past five years and it looks to boost trade, enterprise and infrastructure funding in the COMESA bloc.