Exim Bank expands its wings to Ethiopia

Monday November 25 2019

 

By The Citizen Reporter @TheCitizenTZ news@tz.nationmedia.com

Dar es Salaam. Exim Bank Group will become the first Tanzanian financial institution to start operations in Ethiopian market, establishing a foothold in the 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 yesterday, 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.

The bank is now operating in five markets across Eastern Africa; Tanzania, Union of the Comoros, Djibouti and Uganda.

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.

He said 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.

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“This is an important milestone for Exim Bank Group,’’ he said.