Standard Bank extends footprint to Ethiopia
JOHANNESBURG, (CAJ News) – STANDARD Bank Group has expanded its East African footprint with the official opening of a representative office in Ethiopia.It now has a presence in 20 African countries.
Standard Bank Chief Executive, Ben Kruger has opened the representative office in Addis Ababa.It will act as an entry point for clients seeking to invest in Ethiopia and will be administered by Standard Bank’s head office in South Africa.
Kruger said the growth potential for the East African region continues to attract significant investment. With an established presence across four of the key markets in the region, namely Kenya, South Sudan, Tanzania and Uganda, the opening of the Ethiopian representative office is indicative of the group’s commitment to the region, he added.
“As a bank rooted in Africa, our vision is to build a leading financial institution that delivers superior products and services for all our customers. We are able to leverage our strong position on the continent, our strategic partnership with the Industrial and Commercial Bank of China (ICBC), and our sector expertise in natural resources, to facilitate capital investment in support of growth and to connect African markets to each other,” he said.
Taitu Wondwosen, Head of Coverage in Ethiopia, said they believed they were uniquely positioned to support the government’s plans in attracting more investments into the country through their client base on the continent and facilitating the financing on their behalf.
Ethiopia’s remarkable growth has been underpinned by high public investment and a growing consumer base. The country boasts the second largest population on the continent, behind Nigeria, at around 90 million. GDP growth has averaged about 10 percent over the past 5 years.
Heavy public investment in agriculture, energy and transport are likely to continue to support growth in the medium term as the government ramps up its productive sectors. The energy sector is also set to boom with power projects at various stages of development.
– CAJ News
Short URL: http://cajnewsafrica.com/?p=9203