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JF-Expert Member
- May 11, 2013
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Regional lender Equity Bank has set up a commercial representative office in Addis Ababa, Ethiopia, with plans to start operations in Africa’s fastest growing economy in July.
The lender has resumed its continental expansion plan, which it halted about three years ago, with a focus on entering 10 African countries by the end of this year.
“Having completed Phase One of our expansion, the entry into Ethiopia is part of our Phase Two expansion in pursuit of our aspiration of being a Pan African Bank with presence in 10 African countries by the end of the year,” group chief executive officer James Mwangi said on Thursday.
“This will enable the bank to continue to scale up and unlock economies of scale especially in this era of digitisation and virtualisation of banking.”
GROWTH
The bank’s entry in Ethiopia, the continent’s second-most populous nation with more than 100 million people, has been informed by a wave of sweeping reforms that Prime Minister Abiy Ahmed has put in place to open up and democratise the economy which had, for long, been under tight control of the state.
The lender has resumed its continental expansion plan, which it halted about three years ago, with a focus on entering 10 African countries by the end of this year.
“Having completed Phase One of our expansion, the entry into Ethiopia is part of our Phase Two expansion in pursuit of our aspiration of being a Pan African Bank with presence in 10 African countries by the end of the year,” group chief executive officer James Mwangi said on Thursday.
“This will enable the bank to continue to scale up and unlock economies of scale especially in this era of digitisation and virtualisation of banking.”
GROWTH
The bank’s entry in Ethiopia, the continent’s second-most populous nation with more than 100 million people, has been informed by a wave of sweeping reforms that Prime Minister Abiy Ahmed has put in place to open up and democratise the economy which had, for long, been under tight control of the state.
Equity Bank enters Ethiopia market
It has resumed its continental expansion plan that stalled three years ago.