In line with the bank’s expansionary plans in Africa, which comes in tandem with the sovereign direction towards the continent, CIB would like to announce that it has successfully established its commercial representative office in Addis Ababa, Ethiopia with the aim to strengthen the relationships with Ethiopian banks, promote Egyptian exports and gain market insights. This office represents the bank’s first step to operate in one of the most attractive markets in the region, registering one of the highest GDP growth rates globally over the past years.
Commenting on this step, CIB’s Chairman Hisham Ezz Al-Arab said, “We are very pleased with this initial step, and we’re looking forward to the tremendous growth opportunities that Ethiopia offers, especially in light of the new changes that have been brought on by the new regime.”
“There is huge growth potential where we see CIB adding value to its shareholders”, Hussein Abaza, CIB’s CEO and Board member has explained. “Business sentiment whether in terms of corporate lending or trade has been positive and we look forward to take our representative office to the next level where we can fully serve our existing and potential new customers.”, he added.