Standard Bank Group operating as CfC Stanbic Bank in Kenya has expanded its East African footprint with the opening of a representative office in Ethiopia. This means that Standard Bank, which is Africa’s largest bank by assets, has a continent-wide footprint in 20 African countries.
The representative office, which is based in Addis Ababa, was opened by Standard Bank Chief Executive, Ben Kruger. 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. The growth potential for East Africacontin ues 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.
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 10.0% 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.
“As such, establishing a presence in Ethiopia is in recognition of the increasing interest by investors and our clients, in the country’s economic growth. Standard Bank will be well-positioned to take advantage of the cross-sectorial investment opportunities both in Ethiopia and the region as a whole. Our experience in East African markets will benefit all our clients by providing them with insights into how best to capitalise on their investments in the region,” said Mr Kruger.
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