The Chinese State Councilor & Foreign Minister Wang Yi with his Tanzanian counterpart Palamagamba Kabudi. [PHOTO/ COURTESY]
Chinese State Councilor and Foreign Minister Wang Yi will pay an official visit to Tanzania from January 7 to 8, following the closure of the China Commercial Bank in Tanzania.
The Chinese lender was placed under receivership late last year, in what the Central Bank of Tanzania termed as operating with capital levels below the legally minimum amount.
“Be hereby notified that following the failure of China Commercial Bank Limited to meet regulatory requirements regarding capital adequacy and inability to effect restoration of capital to required levels, the Bank of Tanzania has taken over the administration of China Commercial Bank Limited effective from today, the 19th November 2020. Consequently, the bank of Tanzania has also suspended the Board of Directors and Management of China Commercial Bank Limited.