Home | News    Sunday 15 April 2012

Ethiopian private bank to join banking industry in South Sudan

separation
increase
decrease
separation
separation

By Tesfa-Alem Tekle

April 14, 2012(ADDIS ABABA) - One of Ethiopia’s leading banking groups United Bank is poised to open its first branch outside Ethiopia in South Sudan’s capital Juba, according to a release from the bank.

The new venture will make it Ethiopia’s first private bank to break into the banking industry inside the continent’s newest nation. The Kenya Commercial Bank also has a presence in South Sudan.

The state-owned Ethiopian Commercial Bank (ECB), opened a branch in South Sudan in 2009 following the 2005 Comprehensive Peace Agreement that brought an end to over two decades of civil war between Sudan and South Sudan.

United Bank said it is finalising preparations to open in Juba. When opened, the bank said it will render all types of commercial banking services.

Banking policies in South Sudan oblige foreign bank firms to have a minimum of 15 million dollars of initial capital to begin operation.

United Bank say it plans to open more branches in other African countries.

Founded in 1998, currently United Bank has 57 branches across Ethiopia. During the 2010/2011 fiscal year the bank reported an all time high gross profit of 330 million Birr - around $19 million.

(ST)

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.

Comment on this article



The following ads are provided by Google. SudanTribune has no authority on it.


Sudan Tribune

Promote your Page too

Latest Comments & Analysis


Egypt’s Strategic Water Security: The myth and the truth 2017-03-24 08:19:56 By Ermias Hailu Following to the end of the second world war Egypt’s failure to integrate Eritrea to its territories, due to Emperor Haile Selassie’s superior diplomatic skills, the then Pan- Arab (...)

South Sudan famine is a wake-up call to revive dead peace deal 2017-03-20 15:57:01 By Brian Adeba News that a famine has been declared in South Sudan is yet another stark reminder of the ever evolving nature of war-induced fragility in Africa’s newest country. As the world (...)

Africa’s next level of economic transformation 2017-03-20 05:57:00 By Jim Yong Kim The G20 finance ministers met last week in Germany to discuss critical challenges facing the global economy, from climate change to migration to humanitarian emergencies like the (...)


MORE






Latest Press Releases


Statement by South Sudanese Communist Party on the National Dialoguel 2017-03-22 05:44:42 The Communist Party of South Sudan On the Initiative of the National Dialogue The initiative taken by the President of the Republic of South Sudan declaring a need for a national dialogue is an (...)

An Appeal to President of the Republic of South Sudan 2017-03-15 07:22:45 Dear. Mr. President, I write to appeal to you for the release of political detainees now in the custody of the National Security Service at Jebel and other detention facilities. In doing this, I (...)

Militias of Bashir’s Regime and the Proxy War (1) 2017-02-08 21:49:09 Sudan Democracy First Group Militias of Bashir’s Regime and the Proxy War (1) War in the Blue Nile: Militias in the hunt of refugees and displaced population Introduction Throughout its rule, (...)


MORE

Copyright © 2003-2017 SudanTribune - All rights reserved.