The Bank of Tanzania has approved Canara Bank Tanzania Limited’s transfer of its assets and liabilities to Exim Bank Tanzania Limited, with Canara ceasing to carry out banking business. The approval was granted under Section 30(1)(b) of the Banking and Financial Institutions Act, 2006. The transfer and cessation took effect on 20 December 2024, and from 21 December 2024 customers of the former Canara Bank Tanzania Limited are to be served by Exim Bank Tanzania Limited. The notice also states the central bank’s intent to protect the interests of depositors and creditors and to maintain stability in the banking sector.
Bank of Tanzania 2025-01-10
Bank of Tanzania approves transfer of Canara Bank Tanzania assets and liabilities to Exim Bank Tanzania and authorises Canara’s exit from banking
The Bank of Tanzania approved the transfer of Canara Bank Tanzania Limited’s assets and liabilities to Exim Bank Tanzania Limited, with Canara ceasing banking operations. This decision, effective 20 December 2024, aims to protect depositors and creditors and maintain banking sector stability.