Private Banks Eye Djibouti Market

Jun 11 , 2022

The executives of the Bank of Abyssinia and the newly-formed Siinqee Bank look to establish a presence in neighbouring Djibouti. Abyssinia's executives say they have completed preparations to open a branch in the small coastal nation, while their counterparts at Siinqee say they are actively working to gain a foothold in Djibouti. The state-owned Commercial Bank of Ethiopia (CBE) has been operating in Djibouti for the past two years. Abie Sano, president of the CBE, looks to expand on the "tremendous success" the Bank has enjoyed in the Djiboutian market. He led a delegation that visited the country last week and held discussions with players in the import-export business, as well as public officials. Formerly known as Oromia Credit & Saving S.C., Siinqee began its transition into a commercial bank last May following a recent rule by the National Bank of Ethiopia (NBE) allowing microfinance institutions (MFIs) to evolve into full-fledged banks. It appointed Neway Megerssa as its founding president earlier this year.