Ecobank has announced it has opened a representative branch in Ethiopia after it obtained a license in July. The branch, located in Addis Ababa, will have local Ethiopian banks’ access Ecobank’s correspondent banking and trade finance activities across Africa and Europe. With the new branch, Ecobank’s is now located in 35 different countries.
Describing the new office, the Chief Executive of Ecobank Thierry Tanoh, said, “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. 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.”
