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TIB CORPORATE BANK STARTS ISSUING UNSECURED BID BONDS - FINANCIAL-24

TIB Corporate bank has started issuing bid bond guarantees that does not require applicants to provide any form of security in effort to support development sectors.

The bank said in a statement issued in Dar es Salaam yesterday that the facility is issued within a day upon bank receipt of the customer application. “TIB Corporate bank unsecured bid bond eliminates the security challenges to the applicants hence enabling them to tender for as many works as possible,” the bank said.

Bid or Tender guarantee is non-funded facility issued by the Bank to the employer to secure the bidders commitment to undertake the project if awarded at the time of bid or tender opening.

The facility will enable applicants to quickly progress on tendering matters and once successful the bank shall further facilitate on advance payment and performance guarantee facilities as per the agreed terms and conditions.

Overall, the guarantee facilities safeguards the interest of both the applicant and employers, enabling immediate access of advance fund for project mobilisation and assuring timely execution and quality of work.

The bank initiative aims at supporting and smoothing the entire process for mutual benefit. TIB Corporate Bank Ltd (TIB- CBL) is a fully fledged commercial bank, owned by the Government of the United Republic of Tanzania.

The Bank has a branch network in main cities of Tanzania three in Dar-es-Salaam namely Samora, Mlimani City and TPA mini branch and three branches upcountry namely; Arusha, Mwanza, and Mbeya.

The branches are strategically located to serve the Coast, Northern, Lake and Southern zones. The bank offers customised products including credit facilities, Trade Finance, cash management and treasury products.

All these embodied with state of the Art Premier banking lounge for clients who prefer exclusivity.

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