Egypt’s Commercial International Bank (CIB) plans to open a representative office in Ethiopia at the end of this month. Though the country does not yet grant licenses to foreign financial institutions, CIB is opening a branch office in Addis Abeba. “We believe the government is working to change these laws soon enough, and foreign banks will be allowed to operate with greenfield licenses or through the acquisition of local banks,” said the Bank’s chief operating officer, Mohamed Sultan. The Bank has been eyeing potential African markets for the past two years and is also considering opening an office in Kenya. It has a network of 41 correspondent banks, including financial institutions, in Africa.
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