Ethiopia’s largest bank to open branches in Somaliland

Medeshi 21 Aug, 2008
By Tesfa-alem tekle
(ADDIS ABABA) — The state owned commercial bank of Ethiopia(CBE) is considering of opening branch offices in neighboring Sudan and Somaliland where bilateral trade relation is thriving in a higher rate.
“CBE wants to open branches offices in southern Sudan and Somaliland capital towns of Juba and Hargessa” Ayele Chernet, public relation within the bank told reporters.
The Sudan, Somalia and Somaliland are the top three African nations that import Ethiopian products on substantial amount.
According to the official CBE wants its share from the growing market along the border towns of Somaliland and also in Juba where oil companies are vying with each other for hydro carbon resources.
Business transaction in Juba is growing with new oil discoveries and the mushrooming exploration projects booming.
Currently a number Ethiopians in search of better jobs are migrating to Sudan, a country where relatively a fast economic growth is registering.
The 66 year old Commercial Bank of Ethiopia is the largest bank in Ethiopia that has about Birr 49 billion in assets, accounting for perhaps somewhere between 70% and 90% of the commercial banking market.
The bank has some 8000 employees who staff the headquarters and 205 branches positioned in the main cities and regional towns, including 45 branches in Addis Ababa.
1958 the State Bank of Ethiopia established a branch in Sudan that the Sudanese government nationalized in 1970.