Type Private Headquarters Bujumbura, Burundi | Industry Finance Founded 1985 | |
 | ||
Key people Oliver Saasa
Chairman
Admassu Yilma Tadesse
President & CEO Products International Trade and Development Finance Revenue Net US$66.63+ million (2013) Total assets US$2.53+ billion (2013) | ||
Pta bank plans to expand its activities in mauritius
Preferential Trade Area Bank, commonly known as the PTA Bank, is a trade and development financial institution in Africa. The PTA Bank is the financial arm of COMESA, but membership is open to non-COMESA States and other institutional shareholders.
Contents
Overview
As of December 2013, the bank was a large financial institution with an asset base in excess of US$2.53 billion. The bank had 20 shareholders, with shareholders' funds of nearly US$477 million.
History
The Eastern and Southern African Trade and Development Bank, also known as PTA Bank, was established on 6 November 1985 following the provisions of the Treaty of 1981 establishing the Preferential Trade Area (PTA), which has since been transformed into the Common Market for Eastern and Southern Africa (COMESA), as a financial arm of the integration arrangement.
Shareholders
The PTA Bank membership comprises eighteen member states, seventeen of which are COMESA members. China was the first non-regional member state to join the PTA Bank in 2000. The African Development Bank (AfDB) is the sole institutional shareholder. Both China and the AfDB each have a 12.3% shareholding in the PTA Bank. As of May 2009, the following countries and institutions are shareholders in PTA Bank.
Location
The headquarters of PTA Bank are located at: Chaussée Prince Louis, Rwagasore, Bujumbura, Burundi. The bank also maintains a regional office along Lenana Rd, Nairobi, Kenya. The other regional office of the bank is located at 13th Floor, Social Security Centre, Harare, Zimbabwe. The Nairobi office is responsible for the northern region of the banks geographical area of service. The Bujumbura Headquarters office is responsible for the central region of the bank's service area. The Harare office is responsible for the southern service area, including the islands of Mauritius and Seychelles.
Board of Governors
As of May 2014, the following are the members of the Board of Governors of the PTA Bank:
- Gilbert Mbeshrubusa: Acting Vice President of Infrastructure, Private Sector and Regional Integration - African Development Bank
- Tabu Abdallah Manirakiza: Minister of Finance - Burundi
- Mohamed Soilihi: Minister of Finance - Comoros
- Matata Ponyo Mapon: Governor for DRC - DRC
- Ilyas Moussa Dawaleh: Minister of Finance - Djibouti
- Engineer Hapem Saleh: Minister of Foreign Trade & Industry - Egypt
- Berhane Abrehe: Minister of Finance - Eritrea
- Sufian Ahmed: Minister of Finance and Economic Planning - Ethiopia
- Phyllis Kipkingor Kandie: Cabinet Secretary for Commerce, East African Affairs and Tourism - Kenya
- Maxwell Mkwe Zalamba: Minister of Finance - Malawi
- Charles Gaetan Xavier-Luc Duval: Minister of Finance and Economic Development - Mauritius Chairman of the Board of Governors.
- Dr. Zhou Xiaochuan: Governor, People's Bank of China - China
- John Rwangombwa: Minister of Finance and Economic Planning - Rwanda
- Pierre Laporte: Minister of Finance - Seychelles
- Dr. Awad Ahmed Aljazeir Ahmed Hassan: Minister of Finance & National Economy - Sudan
- Mrs. Saada Mkuya Salum: Minister for Finance and Planning - Tanzania
- Maria Kiwanuka: Minister of Finance, Planning and Economic Development - Uganda
- Alexander B. Chikwanda: Minister of Finance - Zambia
- Patrick Chinamasa: Minister for Finance - Zimbabwe
Board of Directors
The following are the members of the Board of Directors At May 2014.
Management team
As of May 2014, the bank had one CEO, who was assisted by 16 senior managers in running the day-to-day affairs of the bank.
Credit Rating
In June 2012, PTA Bank was rated Ba1 by Moody's Rating Services. In October 2013, Fitch Ratings upgraded Eastern and Southern African Trade and Development Bank's (PTA Bank) Long-term Issuer Default Rating (IDR) to 'BB' from 'BB-'.