In an effort to secure a foothold in one of the continent's fastest-growing economies, Standard Bank – Africa’s largest bank by assets, with a presence in 20 countries – has opened an Ethiopian office.
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Ethiopia has a firm grip on its financial sector; a sector dominated by the state-owned, Commercial Bank of Ethiopia. However, foreign lenders are not allowed to own banks in Ethopia. Neither are they allowed to own telecoms or retail companies. But Ethiopia is a lucrative market with a population of around 90 million people. It has averaged economic growth of at least 10% for the last five years. According to Standard Bank, the decision to open an office here comes after repeated requests from its clients to do so.
The Ethiopian office will be based in the capital Addis Ababa, but will be administered by the South African head office.
Other banks with representative offices in Addis Ababa include Bank of Africa, Commerzbank, Ecobank, European Investment Bank, Export-Import Bank of India, and National Bank of Egypt.
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