Ecobank opens first office in Ethiopia

Ecobank gabrielmillairePan-African bank Ecobank Transnational Incorporated (ETI) has set-up its first branch in Ethiopia's capital city Addis Ababa

The new office, situated in the Yerer Ber district, will support the banking group in establishing itself in the country as it attempts to stengthen its presence across continent.

The new branch aims to give ETI a head start in marketing its pan-African services to overseas businesses and other banks in the region before possible banking deregulation, the bank’s CEO, Thierry Tanoh stated.

“Our Addis Ababa representative office will provide us with an opportunity to establish an important foothold in Ethiopia ahead of the anticipated deregulation of the banking sector.”

The bank said it expected increased revenues following a rise in trade across different African countries as the continent improves its development and infrastructure.

“Ethiopia has emerged as one of Africa’s most exciting new markets and is forecast to be the world’s third-fastest-growing economy between 2011 and 2015, behind only China and India,” Tanoh added.

Tanoh stated that such trade had grown to 12 per cent of total trade on the continent last year, from less than 10 per cent five years ago.

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