The Eastern and Southern African Trade and Development Bank, commonly known as the PTA Bank, has an established presence in Africa and is now looking to expand into non-African regions.
“We’ve identified a number of new countries to invite to come into the bank, the new countries include Brazil, Russia, India, Malaysia, Turkey, South Korea, Japan and the Gulf countries as well.
“There’s been a very strong reflection on the partnerships that Africa wants to have, in the context of our bank,” PTA Bank’s CEO Admassu Tadesse told CNBC Africa.
“The countries that we discussed were non-African countries. We’ve built very strong relations with Standard Bank, First National Bank, Rand Merchant Bank and also the PIC. There’s a whole range of very strong financial partnerships we’ve built with South Africa.”
Mauritius has embarked on a growth program to be a leading financial centre for the African region and Burundi-based PTA Bank, which recently established its 4th regional office in Port Louis, is looking to enhance its competitiveness as a global business platform.
“The bank has been dispersing close to 10 billion dollars over the past 29 years. A lot of it has been in trade finance and we’ve been doing a great deal on the infrastructure side. As a result, our balance sheet is exceeding two billion dollars now. We’re seeing returns on equity of close to 14 per cent on average,” Tadesse explained.
“With our quality of assets being very high, we believe that the time has come for us to open up a little bit more, bring in fresh capital and, at the same time, build new partnerships with parts of the world.”
Tadesse believes that it has been an exceptional journey for PTA Bank so far and maintains that the bank has influenced a number of crucial challenges on the African continent.
“PTA Bank has been performing very well in recent years, especially the past two years. We’ve done a great deal of infrastructure financing in the areas of power, telecoms, helping to build systems in landlocked countries, connecting to the undersea cables,” he indicated.
“We’ve gone beyond infrastructure to support agri-business and trade finance and, in general, to ensure that Africa can trade more with itself but also have robust, reliable partners to facilitate the export as well as import requirements of the countries of the region.”