12 Mar 2014 We move on to banking news as Ventures Africa informs us that Pan- African banking group, Ecobank Transnational Incorporated has opened its first branch in Africa’s second most populous country, Ethiopia.
The newly-opened office is strategically located in YererBer district in Addis Ababa; and is close to both the airport and the city center. It will help the banking group establish a foothold in the fast-growing east African economy and extend its network on the continent to 35 countries
The bank’s CEO, Thierry Tanoh is quoted as saying “Our Addis Ababa representative office will provide us with an opportunity to establish an important foothold in Ethiopia ahead of the anticipated deregulation of the banking sector,”
He went on to say: “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.”