The state owned Commercial Bank of Ethiopia (CBE) is on the final stage of its research to open branches in Washington DC, Dubai, South Africa and Djibouti.

The Bank aims to become a world class banker in 2025 for which its representatives traveled to the United States and South Africa in September. In addition to this, three months ago the representatives have made a trip to Djibouti and to Middle East in December.

The delegates chose United States, South Africa and the United Arab Emirates for the large number of Ethiopians living there. However Djibouti was picked for the scale of business transaction with the nation.

According to the World Bank report, 37.5 percent of the total Ethiopian Diaspora lives in the Middle East while 30.7 percent of lives in North America. Europe and Africa take 21.4 percent and 8.6 percent respectively. It is to these regions CBE wants to make a move, according to Fortune.

The Bank first opened its international branch at Djibouti in the 1950s. Yet the branch was closed in 2004 for increasing non-performance loans.

Nonetheless in 2009 CBE opened five international branches in another country, South Sudan. Due to conflicts in the country,Bank closed three branches and it is now operating with two branches in Juba.

Source: Fortune