The TIB Corporate Finance Limited has changed name to TIB Corporate Bank Limited to align itself with its broadened scope in provision of commercial banking services.

The Managing Director, Frank Nyabundege said in a statement that the bank was set to brand, market and roll out its business development strategies after it was issued with license by the Bank of Tanzania (BoT).

"The inclusion of the word 'bank' reflects the objective of the bank in offering a full range of products and services in the commercial banking space compared to the word finance," he said.

"Following the issuance of our license by the Bank of Tanzania (BoT) on 24th June 2015, the bank is not only well positioned to carry out its operations, but will also effectively brand, market and roll out its business development strategies" TIB Corporate Bank Limited is a commercial bank subsidiary of TIB Development Bank Limited. It was formed from the hived-off commercial banking activities following restructuring of Tanzania Investment Bank Limited.

According to the Mr Nyabundege, the bank is fully fledged to operate as a commercial bank, with powers to receive and accept deposits, make collections, invest, lend money and conduct any other related commercial banking services required for its primary corporate clientele and general public.