By Azania Post
COMMERCIAL Bank of Africa (CBA) has announced to shut down three branches operating in the country and merge others.
The bank has not given reasons for the closure, but it said some branches will be merged to the Nyerere branch during the same period.
According to a statement, the decision was taken in line with their broad strategic re-alignment strategy that is driven by digital banking solutions and branch network optimization.
However, the bank has pledged to continue investing in the market in the provision of relevant products and services, which are available throughout the branches.
Currently, the bank has branches at Kijitonyama, Samora and Ohio (Dar es Salaam), Arusha and Mwanza.
CBA is the largest privately owned bank in East Africa and has been operating for over 50 years.
In 1980, Bank of America bought out all of SFOM’s partners and restructured CBA to mirror their own systems and disciplines before selling its majority shares to local investors.
CBA has since developed a reputation as the go-to provider for large corporations, institutions, diplomatic missions, NGOs and high net-worth private clients.