A team from Standard Bank Group held a discussion with Lelise Neme, Commissioner of Ethiopian Investment Commission (EIC), during which they expressed their "willingness and interest" in being involved in the banking sector in Ethiopia, EIC stated.
The South Africa-based Standard Bank, one of the prominent banks in Africa, is looking for opportunities to finance investment projects in Ethiopia.
Standard Bank Group has disclosed the opening of its representative office in Addis Ababa, Ethiopia, The Daily Monitor reported.
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 Insurance S.C. is preparing to enter the Ethiopian insurance market within the next few days, positioning itself as the country’s 19th insurance company.
