Ca­nara Bank new en­trant in Tan­za­nia mar­ket

The African - - NEWS - BY HARRIETH MANDARI

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The prime rea­son for the seem­ingly sud­den rise of lithium as a com­mod­ity, is the sud­den adop­tion of elec­tric cars and en­ergy stor­age so­lu­tions be­ing of­fered by com­pa­nies such as Tesla, Fox­conn and BYO. Best elec­tric cars in 2016: The four best EVs to buy in the UK by the range, cost and fea­tures to find you the best elec­tric cars in the UK in 2016

In 2016, Elec­tric cars of­fer a se­ri­ous al­ter­na­tive to petrol or diesel en­gines ve­hi­cles. Rapid ad­vance­ment in range and bat­tery cost have meant EVs are more pop­u­lar than ever – and with gov­ern­ment sup­port be­hind them, now might be the best time to buy an elec­tric car.

Value elec­tric cars such as the Nis­san Leaf have shown that elec­tric ve­hi­cles (EVs) don’t have to cost the earth, while oth­ers like the Tesla Model S have proven that the best elec­tric cars can be lux­u­ri­ous – and fast, too. Throw in a con­stantly im­prov­ing charg­ing in­fra­struc­ture, and it’s easy to see why elec­tric cars are be­com­ing so pop­u­lar.

But how pop­u­lar? You ask. New fig­ures from the UK’s So­ci­ety of Mo­tor Man­u­fac­tur­ers and Traders say 512 elec­tric cars were sold in Jan­uary 2015, a 58% rise from the same pe­riod in 2014. So what are the best elec­tric car should YOU buy? THE Gov­ern­ment has been con­grat­u­lated for cre­at­ing good en­vi­ron­ment for in­vestors which is ben­e­fi­cial to both in­vestors and the eco­nomic growth of Tan­za­nia.

The Man­ag­ing Di­rec­tor and Chief Ex­ec­u­tive Of­fi­cer (CEO) of the newly launched bank, Ca­nara Bank (Tan­za­nia) Ltd Rakesh Sharma, said is one of the ma­jor na­tional banks in In­dia. It is an In­dian Bank hav­ing ex­isted for 110 years un in­ter­rupt­edly since it was es­tab­lished in 1906.

“Tan­za­nia is among the fastest grow­ing economies in African which at­tracts in­vestors in dif­fer­ent de­vel­op­men­tal sec­tors in­clud­ing the Banking Sec­tor, so we in­tend to pro­vide qual­ity ser­vices with much ac­cu­racy and ef­fi­ciency,” he said.

Ramesh said the Bank in­tends to pro­vide qual­ity ser­vices in or­der to com­pete in the sec­tor within the coun­try.

Cur­rently, the bank has eight branches in Lon­don, Le­ices­ter in UK, Hong Kong, Shang­hai in China, Manama in Bahrain, Jo­han­nes­burg in South Africa, New York (USA), and Dubai In­ter­na­tional Fi­nan­cial Cen­tre (DIFC), a rep­re­sen­ta­tive of­fice at Shar­jah (UAE), a joint ven­ture bank in Rus­sia.

On his part, the High Com­mis­sioner of In­dia, San­deep Arye, who was the guest of honor dur­ing the launch­ing cer­e­mony, told The African that Tan­za­nia and In­dia have been hav­ing good part­ner­ship for many years that through eco­nomic de­vel­op­ment projects and through busi­ness like banking sec­tor, both coun­tries can be able not only strengthen their part­ner­ship but also in­crease the coun­try’s eco­nomic sta­tus.

“As we all know, Tan­za­nia has good lead­ers and in this phase Pres­i­dent John Magu­fuli and his motto ‘ Hapa Kazi tu’ which in­creases ef­fi­ciency, re­spon­si­bil­ity and also ac­cu­racy which will ac­cel­er­ate the econ­omy at a great rate,” he said.

The new bank is one of the largest banks in In­dia in terms of cross bor­der trade and re­mit­tance busi­ness. Last year, the bank’s over­seas busi­ness stood at 8.89 bil­lion US Dol­lars, con­sti­tut­ing to about 7 per­cent of the global busi­ness of the bank.

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