ETHIOPIA – EXIM Bank Group (EBGEA) has acquired a licence to open and have an Exim Bank Representative Office in Ethiopia through its Djibouti subsidiary and plans to start operations soon, in a move to penertate Africa’s second most populous country.
The financial institution will become the first Tanzanian financial institution to start operations in neighbouring Ethiopian market, seen as now extending its stronghold in five countries within the continent.
“Our Commercial Representative Office is expected to be fully operational from December 2019 at Zouleka LKG Building, 2nd floor, Sub City Bole, 2160/B. Addis Ababa,’’ said Mr Jaffari Matundu, the bank’s Chief Executive Officer (CEO) in the statement.
He said the expansion to the country comes as part of the Group’s strategic expansion plans in pursuit of its aspiration to become a Pan African Bank.
“The Representative Office will foster strategic initiatives and increase cooperation with African countries and provide a valuable platform for the bank to market its differentiated and customized services to overseas businesses, and this is an important milestone for Exim Bank Group,” he added.
He pointed out strong economic growth in Ethiopia that has been underpinned by high public investment and the country’s growing consumer base.
Exim Bank Group (East Africa), is a financial services conglomerate based in the African Great Lakes region. EBGEA’s headquarters are in Dar es Salaam, Tanzania, with subsidiaries in Uganda, Tanzania, Comoros and Djibouti.
The bank was formed in 1997 by a group of Tanzanian business people. It is reported to have broken even within the first five months of operation.
The subsidiary in the Comoros was established first, in 2007. Later, in 2011, Exim Bank opened a subsidiary in Djibouti.
In 2016, the bank set foot in neighboring Uganda, by acquiring shareholding in the former Imperial Bank Uganda, converting it into Exim Bank Uganda
Exim Bank is one of the leading financial services providers in 4 countries and Tanzania’s first international bank. Since welcoming our first customers in Samora Branch, Dar es Salaam, in 1997, Exim Bank has continued to expand its national and regional reach.
The group has a total of 43 branches in four countries across the East African region.