Standard Bank is pleased to announce that its Representative Office in Ethiopia has become the first foreign financial institution to be re-licensed under the country's newly revised Banking Business Proclamation. This milestone comes as Ethiopia advances reforms aimed at increasing foreign investment and strengthening its financial sector.
Taitu Wondwosen, Head: Ethiopia, Standard Bank Corporate and Investment Banking, says, "Launched in 2015, our Representative Office has been instrumental in connecting Ethiopian businesses to regional and international markets. The re-licensing enables us to accelerate partnerships to unlock growth opportunities in areas such as infrastructure development in the country and cross-border trade for our clients in Ethiopia."
Ethiopia's banking sector reforms form part of broader economic liberalisation efforts that include expanded provisions for foreign investment. These changes are expected to enhance and facilitate greater international banking participation in Ethiopia's growing economy.
