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Ethiopia - Citi Bank to open office in Addis Ababa
By Tagu Zergaw
The U.S. based Citi Bank plans to open a branch office here in Addis Ababa, Ethiopia. The office will also be a base for East and Central Africa, sources disclosed to Capital.
Citi Bank will be the second foreign bank to open offices in the country. Early this year a bank from Germany, Commerzbank, opened a representative office.
However, both banks will not be involved in any operational banking activities, as Ethiopia’s investment law reserves engagement in the financial sector for local investors only.
According to officials from local banks this reservation is likely to change.
“Since Ethiopia is on the way to become a member of the World Trade Organization, the market should be open to foreign investors in every sector including in financial services.
“The National Bank of Ethiopia (NBE) is expected to be devising a regulation to accommodate the foreign banks. And when the market is fully liberalized foreign banks will continue to come to the country and compete with local banks,” said the officials.
A banker within a private commercial bank said that they can not close their doors and that due regulation is moving fast so local banks should embrace big international financial institutions.
“They are trying to open their respective offices. For example a German bank opened an office here not for business but to help the bankers. They are helping us. They have invited the Bankers Association Chairman to Germany for training. The foreign banks are indeed coming, but I don’t consider them as competition but rather as collaborators because we can obtain knowledge and technology since our service is as old as the banking history in Ethiopia,” said the banker.
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It seems every big player wants to invest in Ethiopia regardless of anti Ethiopia propoganda by the hatefull diaspora. Ethiopia’s best days are yet to come with the great Meles Zenawi and his EPRDF associates. Thanks to the Lord.
i told you our country ethiopia futuer is bright .
i am praising god for he is saying the misery is enough to my beloved childern of ethiopia .who ever tolk negative about my country GOHELL.
Citibank has shaky history. The one thing that distinguished Ethiopia from other African countries was that our Banks and our land is owned by Ethiopians. Now that is no longer true. Citibank and other multinational banks will come and artifically increase the value of our currence, meaning makine everything too expensive, pushing out Ethiopians from competition and taking out all profits back to D.C. and Brussels. Ethiopians should realize that those who control our economy are more dangerous than enemies’ army at our borders.
I agree 100%, But it would be extremely naive on your part to think the government body is not aware of this. They have implemented policy’s and rules which regulates what and how much investment is pumped into the system by foreign banks/investors. And this is all done to prevent an economical colonization.
And yes brother we Ethiopians are very aware of this, we have been for a very long time. Its common sense,( i know common sense sometimes isn’t common) in other words your stating the obvious, economic colonization is one of the oldest tricks in the books. i’m sure our leaders have picked up a book or two (lol) on the subject.
Just to add:
the only question is whether the government would be sincere in preventing this from occurring, NOT whether they are aware of the motives of the banks or investors who seek to control our economy.( which i doubt) since i ( and this is just a non-college educated person speaking) would think or assume that a deal was brokered which would allow the banks to be based in our country without any interference in our economy so they can in turn do what they do best in other near by country’s. for a win win deal. But thats just me. But we always need to be very suspicious. And Ethiopians are known to be just that.
I agree we should be cautious when giants such as citi banks enters our economy. It does mean there is money to be made in our country. However It is not to say that this banks are motivated by greed and here to drain us. we have a very inefficient economy
with a lot of economic waste because of the lack of well educated personels
in the feild. We Can learn from such companies and our local banks thrive from competitions. The long term effect this will have in our economy is a subject that need to be studied and discussed by the government.
I can’t really say if this a good thing or not. I mean competiton is good but keeping in mind what Tarik Khasai said, this could just be an easier way to drain the countries economy into other countries. But at the same time if Citi is willing (or allowed to by the goverment) to invest into the country by giving out loans for local investers or what not this might be a good situation.
That what I call real business. Diaspora what is your case now? are you still blamed to woyane even those two international banks by opening their bank in Ethiopia? you never know what you going to say. But Ethiopia is moving forward to wards her goal achievments……Yeha
Finally, I can use my credit card, that what you call “Globalization".
“those who control our economy are more dangerous than enemies’ army at our borders.”
That is why the Djibouti President is invited in to investing in Ethiopia. With out a port of our own, access to our needs depend on others. As far as Citi Bank goes… I am with khasai. It is going to drive other banks out of business if allowed to access all fronts of the market. I see no reason why foreign banks should be allowed at all.
Yeha, take some growth hormones… you seriously lack comprehenshion, much like a child.
“Ethiopia’s investment law reserves engagement in the financial sector for local investors only.”
while ordinary ethiopians are being killed, raped, looted and runing away from home. AGAZIS FROM tigray and their arab homies are the only one allowed to invest and suck all the money and move it to tigray. millions of ethiopians don’t even know what a bank is let alone invest. how can a law like that pass in a so-called democracy.
janet aka islamophibic bitach
majority of the investors are arab. do you still think arabs are ethiopians enemy, or is it the other way around. under meles ethiopia have become anti ISLAM, and anyone with an islamic name is a terrorist. respcet one of the great religions in the world and the peacefull people who follow it
So now we all know what the U.S.A. promise was to it’s Slave boy Nazi Meles,if you start war with Great-Eritrea then all the U.S.A. companies that are owned by JEWS people will all invest in your IMAGINARY COUNTRY,Mother Africa will never see peace,Unless it get’s rid of all these puppet fake House-Niggers for the West presidents are all put behind bars for selling out their people and the African Land,Starting with Nazi Meles.
“A civilization cannot be destroyed from the outside until it is destroyed from the inside.” Dont fear multinational and transnational corportations. Fear our stubborn and arrogant behavior against each other. We can manage any situation as long as we can survive our own greed and hatred towards each other. Ethiopia is still virgin. There is so much to be explored.
It is a welcome news as long as the local people are benificiaries from it all. let there be foreign investment. one thing we can never
refute is in a capitalist world we have to let capitalist investors
develop our poor nation. Only then
we can atleast say that we are on our way to the 21st century. let thee
not be corporate and regime marriage!
guys,we really have noting to fear from globalization,if anything,international banking guys coming in would benefit us all.with this internitional banks though,one one has to be very careful.as a matter of fact,we have to follow suit from the chinese in how they are handling this international blood suckers.Mot importantly though,we all have to know foriegn inveters with huge investment potentials,would feel comfertable in investing a country like ours when they know a bank like citi has base in addis.One of the drawbacks for foreginers not investing like our country is simply fear of not trusting there money with a courpt bank like the national bank.all in all,leting this these banking shakers and movers come would only benefit us in the long run inorder that much needed forigen capital can come in safely,with the proper government regulation offcourse.
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