The Preferential Trade Area (PTA) Bank on Friday rebranded to Trade and Development Bank (TDB).
Briefing reporters in Lilongwe, TDB Director for Southern Africa, Gloria Mamba, said the decision was arrived at to match its operations in the development sphere.
“Our new name will help us to achieve the bank’s objectives, among which is spearheading trade among our member states. Our rebranding represents rejuvenation and recommitment to innovate and play a more active role in promoting trade,” Mamba said.
She called upon the private sector in the country to utilise the bank in sourcing funding for investment projects, especially in the agriculture and energy sectors.
“Our portfolio is quite heavily weighted at the moment towards the government and we are proud of that. But we would like to see a more diverse portfolio supporting a range of activities in the private sector,” Mamba added.
Acting Chief Director in the Department of Economic Planning and Development, Peter Simbani, who also sits as a non-executive director on the TDB board, representing Malawi, Burundi, Seychelles and Ethiopia, said the bank has proven to be critical in financing projects in the country despite not lending directly to the government.
“Malawi is doing quite fine in terms of accessing financing from the TD Bank but you may want to appreciate the fact that TDB does not give concessional loans and there are some limitations for government to benefit from financing from the bank. But the bank has helped a lot as some companies supplying some of the Farm Input Subsidy Programme items got money from TDB,” Simbani said.
The rebranding of PTA to TDB follows several years of improved asset quality, healthy profitability and innovation on the back of series of a institutional reforms aimed at strengthening and modernising the bank.
The bank has a footprint in 21 countries across Africa.