The Tanzanian Exim Bank Group is set to start its operations in Ethiopia on December, according to The Citizen Reporter.
It will become the first Tanzanian financial institution to start operations in Ethiopian market, establishing a foothold in Africa’s second most populous country and extending its African network to 5 countries.
According to a statement released by the bank in Dar es Salaam on Sunday, the bank has obtained a license to open and have an Exim Bank Representative Office in Ethiopia through its Djibouti subsidiary and it plans to start operating soon.
“Our Commercial Representative Office is expected to be fully operational in December 2019 at Zouleka LKG Building, 2nd floor, Sub City Bole, 2160/B. Addis Ababa,” Mr. Jaffari Matundu, the bank’s Chief Executive Officer, said in the statement. He said “the expansion to the country comes as part of the Group’s strategic expansion plans in pursuit of our aspiration of becoming a Pan African Bank.”
The representative office will foster strategic initiatives in increasing cooperation with African countries and provides a valuable platform for the Bank to market its differentiated and customized services to overseas businesses, he noted.
The bank is now operating in five markets across Eastern Africa; Tanzania, Union of the Comoros, Djibouti and Uganda. Exim Bank is a locally established, privately owned commercial bank. Its operations began in August 1997 following the liberalization of the banking and financial sector in Tanzania.
Exim Bank has a financial tie-up with the International Finance Corporation (IFC, Washington) the commercial arm of the World Bank and PROPARCO, a French Financial Agency which is dedicated to private investment financing.
The Ethiopian Herald