Pan-African banking group Ecobank Transnational has opened its first branch in Ethiopia, Reuters reported.

The opening of the branch offices is said to help the bank establish its presence in the fast-growing East African economy and extending its African network to 35 countries.

Ecobank CEO Thierry Tanoh said, the branch will give the lender a lead in promoting its pan-African services to overseas businesses and other banks in the region before possible liberalization of the banking sector.

"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 said.

Ecobank, which has been expanding rapidly across Africa in recent years, said it obtained the licence from Ethiopian authorities for opening a representative office in July.

Source: Reuters