The Commercial International Bank (CIB)-Egypt has announced establishing a representative office in the Ethiopian capital, Addis Ababa.
In a report issued by the bank to the Egyptian Exchange (EGX) on Thursday, the bank announced that the establishment of this office comes within the bank’s expansion plans in the African market, in line with the state’s strategic trend to increase cooperation with African countries.
It added that the bank also aims to enhance relations with Ethiopian banks and support trade exchange through promoting Egyptian exports to Ethiopia and studying the market and available investment opportunities.
The bank pointed out that the representative office in Addis Ababa is a cornerstone in the bank’s presence in one of the most attractive markets in the region, pointing out that Ethiopia has recorded the highest economic growth rates across the world over the past few years.
Commenting on the establishment of this office, Hisham Ezz El Arab, chairperson of the CIB said, “We are delighted with this first step of our regional presence and look forward to the promising growth opportunities offered by the Ethiopian market, especially in light of the reforms recently held by Ethiopia.”
“We believe that there are many promising growth opportunities in Ethiopia, which we expect would have a positive return on the bank’s shareholders,” said Hussein Abaza, CEO and board member of the CIB, adding, “The business climate in Ethiopia, on both the financial and commercial levels, has introduced new avenues for our bank to provide all possible services to existing and future customers.”