Egypt’s Commercial International Bank (CIB) will open a representative office in Ethiopia at the end of this month, Amwal Al Ghad an Egyptian financial news website, reported on Tuesday citing a top bank executive.
CIB, Egypt’s largest listed bank, has recently launched a new division for the bank’s operations in Africa and formed new correspondent banks with African counterparts, said African Region Sector head Wagdy Dabbour.
“We have so far a network of 41 correspondent banks, including financial institutions, in Africa,” Dabbour said at a conference in Cairo.
The bank is seeking to boost its reach in the African continent in the coming period as the anticipated office in Ethiopia will be just the beginning, Dabbour said.
Headquartered in Cairo, Egypt, Commercial International Bank is an Egyptian private-sector bank, which serves more than 500,000 clients and has more than 6,000 employees.
CI Capital is the investment banking arm of the Commercial Internationational Bank (CIB) with corporate headquarters in Cairo. It is one of the largest investments banks in the Middle East and North Africa (MENA) region.