Commercial Bank of Ethiopia inaugurates a new branch that provides full-fledged banking services in Djibouti. Launched by President of Djibouti, Ismaïl Omar Guelleh in the presence of CBE’s President, Bacha Gina, the new branch is expected to enable Ethiopian investors get all types of domestic and international banking services at ease.
Named Commercial Bank of Ethiopia Djibouti Limited, the new branch is also expected to play a big role to further strengthen the relationship between the two neighbouring countries. “We expect the new branch will help the Bank provide services to Ethiopians who are engaged in trade and investment activities in Djibouti. It will also further strengthen the economic integration that the two countries want to achieve,” Gulleh said.
CBE’s President, Bacha also affirmed that the new branch will provide all products and services of the Bank, a move that would encourage Ethiopians invests in Djibouti in different sectors, including tourism, housing and digital sub-sector.
CBE opened its first branch in the Horn of African nation 60 years ago, although it was closed a decade ago after the Bank experienced non-performing loans as much as USD16.7 million. But it was again opened in 2017 with a capital of USD6.3 million.
However, the new branch was also struggling to make profit, largely because of its inability to access swift code, which prevented it compete with other strong banks in Djibouti. But this was solved a year ago after the Bank secured a swift code.