Standard Bank Group, South Africa's largest financial services group is planning to establish a representative offices in Ethiopia, the Bank's spokesperson said on Monday. Standard Bank is also planning to set up representative office Ivory Coast, the bank's latest move to expand into sub Saharan Africa, where it already has operations in 18 countries.

Ethiopia, Africa's second most populous nation after Nigeria, is seen as a potentially big market for foreign banks, although the financil sector of the country still remains closed to foreign companies.

Standard Bank has reduced its operations in Britain, Russia and Argentina to focus on Africa, which is increasingly benefiting from more deals and a growing middle class.

Source: Reuters