CBE eyes to massive expansion as Abyssinia, Siinqee are about to open new branches in Djibouti

Addis Ababa, June 9, 2022 (FBC) – A delegation from the Commercial Bank of Ethiopia and Sinqe Bank led by their respective Presidents paid a three-day working visit to Djibouti, where they held discussions with various public and private stakeholders this week.

During the visit, a delegation led by Abie Sano, President of the Commercial Bank of Ethiopia, while acknowledging the fact that CBE Djibouti Ltd has made considerable progress over the past two years underscored the need to scale up efforts to expand its presence in Djibouti and the region.

The president, along with his delegation, conferred with relevant public and private sector entities such as the Governor of Djibouti Central Bank, Mr Ahmed Osman, representatives from other banks in Djibouti, clients working in the import-export sector at the Freezone; visited Warehouses and discussed on ways forward to improve the Bank’s Service.

Representatives from the recently established yet ambitious Bank dubbed Siinqee were also on site to discuss the possibility of creating a subsidiary in Djibouti. Though new entrant to the industry, Siinqee Bank, previously known as Oromia Credit and Saving Share Company (OCSSCo), has been actively working to establish its foothold in Djibouti.

Niway Megersa, the founding President of the Bank, and COO, Zewdie Tefera, met with Ali Daoud, Secretary General of the Ministry of Trade and Tourism, Governor of the Central Bank, Chamber of Commerce representatives, Representatives of Kchat importers association , and visited Djibouti’s ports as well as relevant freezone companies.

Abyssinia Bank, for its part, has continued its efforts to open a branch in Djibouti, which began with its visit in July 2021. The bank has completed its preparations to tap Djibouti’s Market.

The representatives of the Banks, during their discussions with Ambassador Berhanu Tsegaye and diplomats, 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.