The South African Banking Group, Standard Bank, will open a representative office in Ethiopia towards the end of the first quarter 2015, reports the Reuters Agency on 22nd January 22, quoting an Executive Officer of the institution. “We are going to open a representative office by the end March 2015,” said the senior Vice President of Standard Bank, Taitù Wondwosen.
Foreign banks are forbidden to offer retail banking services, Standard Bank aims to establish some business relationships with local companies and provide consulting services to the capital holders interested in the investment in the second most populated country in Africa (96 million inhabitants).
«We go where our customers are located. Our customers start to wonder more about the opportunities that exist in Ethiopia”, said Mr. Wondwosen, indicating that investors are interested, among others, in the textiles, clothing and building sectors.
Ethiopia that realizes every year an annual growth rate of 8%, has been heavily investing for several years in the construction of roads, railways and power plants to attract foreign investors.
Original text by: Agency ecofin