PTA Bank to open branch in Zimbabwe


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PTA Bank to open branch in Zimbabwe

The Eastern and Southern Africa Trade and Development Bank (PTA Bank) said on Friday that it would shortly open a branch in Zimbabwe as a sub-headquarters for its operations in southern Africa. Bank president Michael Gondwe said Zimbabwe was an important shareholder and client of the bank, and this had partly influenced its decision to locate the regio n al sub-headquarters in the country. “Indeed, this office will not only serve Zimbabwe, but will also cater for other markets in the region such as Zambia, Malawi and even Mauritius,” he said. “This ties in very well with our strategy of bringing the bank’s service closer to our valued customers,” he added. The bank, a finance arm of the Eastern and Southern Africa Preferential Trade Ar ea economic group, mainly provides development and project finance for both the p ublic and private sectors. It has given Zimbabwe over USD100 million in loans and credits in the last few years. The PTA was established on 6 November 1985 following the provisions of the treaty establishing the PTA. Panapress

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