Tanzania's N.M.Bank to add new branches in '09

DAR ES SALAAM, April 17 (Reuters) - Tanzania's National Microfinance Bank (NMB) NMB.TZ said on Friday it plans add up to 15 new branches and almost double its ATM machines this year at a cost of about 10 billion shillings ($7.5 million).

The bank is the country's largest by branch network -- with 128 branches -- and by customer deposits, which stood at 1.2 trillion shillings at end-2008. It has 172 ATMs serving more than 1 million customers.

"The bank intends to expand its network significantly in 2009: 10-15 new branches will be opened and an additional 100 ATMs will be installed," it said in a statement at the end of its first annual general meeting since going public in November.

Chief Executive Ben Christiaanse told a news conference the expansion would cost between 9 billion and 10 billion shillings.

The bank's 2008 annual pretax profits rose by 22 percent to 70.9 billion shillings.

Christiaanse said he expected the bank to largely weather the current global economic downturn, which has affected commodity prices and demand, as well as tourism.

"We think we are in a position that the crisis will not hit us in an extreme way," he said.

The public owns 21 percent of NMB, while Rabobank [RABN.UL] of the Netherlands has a 34.9 percent stake in the bank and the government owns 30 percent.

Exim Bank Tanzania Limited, the Tanzania Chamber of Commerce Industry and Agriculture and National Investment Company Limited NICOL.TZ own a 14.1 percent stake.

The bank's shares on the Dar es Salaam Stock Exchange closed Friday's trade at 850 shillings, unchanged from Thursday. The stock is down from a high of 1,200 shillings on Nov. 11. (Reporting by George Obulutsa) ($1=1331.0 Tanzanian Shilling)