CBE poised to bolster foreign investment, striving for international competitiveness
Addis Ababa, August 26, 2024 (FBC) – The Deputy President of the Commercial Bank of Ethiopia (CBE), Haileyesus Bekele, has articulated the bank’s strategic initiatives to foster foreign investment and elevate its standing in the global financial arena.
In recent years, the CBE has been meticulously crafting a roadmap to enhance its efficacy and competitiveness, anticipating the full implementation of the nation’s macroeconomic policy overhaul.
The bank is now actively deploying measures designed to augment its international competitiveness and cultivate an environment conducive to foreign investment.
In an exclusive interview with ENA, Haileyesus elucidated that the CBE is primed to reinforce its vanguard position in Ethiopia’s financial landscape.
He emphasized the bank’s ongoing preparations to accommodate and nurture foreign investment in the sector while simultaneously honing its competitive edge on the global stage.
Haileyesus revealed that the past two to three years have been marked by extensive research-driven improvements, with the implementation phase now in full swing.
He elaborated, “We’ve conducted comprehensive analysis of international banking practices, organizational structures, and technological processes. These studies, aimed at metamorphosing the bank into a globally competitive entity, are now being translated into action.”
As Ethiopia’s various sectors, including banking, open their doors to foreign investors, Hailelyesus assured that the CBE has undertaken exhaustive preparations across infrastructure, human capital, and technological domains to align its services with international standards.
The Deputy President underscored that beyond facilitating knowledge and technology transfer, the bank has strategically positioned itself to support incoming foreign investments by offering a diverse portfolio of investment opportunities.
“The influx of foreign banks presents a golden opportunity for us,” Bekele stated. “While we anticipate benefiting from their expertise and technological prowess, we’ve also fortified our capabilities to adapt and thrive in this new landscape.”
He further expounded, “In light of the ongoing macroeconomic reforms, we foresee a significant uptick in foreign investments. The CBE stands ready to not only support these ventures but to forge robust partnerships with them.”
It’s noteworthy that the Commercial Bank of Ethiopia reported impressive financial results for the 2016 Ethiopian fiscal year, boasting a total revenue of 135.4 billion birr. The bank’s total deposits surged to 1.17 trillion birr, while its customer base expanded to over 45 million account holders, underscoring its pivotal role in Ethiopia’s financial ecosystem.