CBE Eyes to Massive Expansion Whilst Siinqee & Abyssinia Banks to Open Branches in Djibouti

Addis Ababa June 9/2022/ENA/ Commercial Bank of Ethiopia has opened its eyes for massive expansion whilst Siinqee and Abyssinia Banks are about to open new branches in Djibouti, according to Ministry of Foreign Affairs.

A delegation from the Commercial Bank of Ethiopia and Siinqee Bank led by their respective Presidents paid a three-day working visit to Djibouti and they held discussions with various public and private stakeholders in the country this week.

During the visit, Commercial Bank of Ethiopia President and head of the delegation, Abie Sano acknowledged the considerable progress that CBE Djibouti Ltd has made over the past two years.

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Abie further stressed the need for scaling up efforts to expand the presence of CBE in Djibouti and the region at large.

Along with his delegation, the president conferred with relevant public and private sector entities in Djibouti including with the Governor of Djibouti Central Bank, Ahmed Osman and representatives from other banks.

He also met and discussed with clients working in the import-export sector at the Freezone on ways forward to improve the service of the bank.

Representatives from the recently established bank dubbed Siinqee were also on site to discuss the possibility of creating a subsidiary in Djibouti.

Siinqee Bank, previously known as Oromia Credit and Saving Share Company (OCSSCo), has been actively working to establish its foothold in Djibouti though it is new entrant to the industry.

Siinqee Bank founding President, Niway Megersa and its CEO Zewdie Tefera met with Secretary General of the Ministry of Trade and Tourism Ali Daoud,, Governor of the Central Bank, Chamber of Commerce representatives and representatives of Khat importers association in Djibouti.

They also visited the ports of Djibouti and relevant freezone companies.

Abyssinia Bank, on its part, has continued its efforts to open a branch in the same country that began with its visit in July 2021, adding that the bank has completed its preparations to tap Djibouti's Market.

The representatives of the banks also discussed with Ethiopian Ambassador to Djibouti, Berhanu Tsegaye and Ethiopian diplomats of the Ethiopian embassy in Djibouti; and finally they commended the embassy for its unwavering support in their efforts to best maximize visibility.

With 14 banks in Djibouti, coupled with the two governments' commitment to promoting trade and investment, the potential and opportunity for Ethiopian banks to thrive is tremendous.

Ethiopian News Agency