nazret.com
 

EthioBlog

Wonji EthioBlog The first Ethiopian Blog. Current Affairs, Business, Sports and Style

Ethiopia - Citi Bank to open office in Addis Ababa

07/21/08

Permalink 03:22:09 pm, by nazret.com, 354 words, 6171 views   English (US)
Categories: Business, Ethiopia, Finance

Ethiopia - Citi Bank to open office in Addis Ababa

  • Currently 2.15/5
  • 1
  • 2
  • 3
  • 4
  • 5
    • i

Citibank to open office in Ethiopia

Ethiopia - Citi Bank to open office in Addis Ababa

By Tagu Zergaw

Source: Capital

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.

-----------------------


More Business news

President of Djibouti to invest in Ethiopia's Agri business


Citi Bank to open office in Addis Ababa


TATA opens Addis office, engages in leather



Ethiopian airlines breaks passenger record


Dubai to invest $2 Billion in Ethiopia - Capital


Dubai unveils $100 million Ethiopia investment plans (Reuters)



Special Section: Business News from nazret archives

PermalinkPermalink 40 comments
Comment continues below ↓
Google
 
Web www.nazret.com

advertisement

Comments, Pingbacks:

msg Comment from: Janet [Visitor]
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.
PermalinkPermalink 07/21/08 @ 16:08

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: TG [Visitor]
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.
PermalinkPermalink 07/21/08 @ 16:23

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: Tarik Kahsai [Visitor]
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.
PermalinkPermalink 07/21/08 @ 16:45

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: PoliticalScience [Visitor]
TARIK KAHSAI


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.
PermalinkPermalink 07/21/08 @ 17:47

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: PoliticalScience [Visitor]
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.
PermalinkPermalink 07/21/08 @ 18:08

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: Abraham [Visitor]
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.
PermalinkPermalink 07/21/08 @ 18:43

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: Jegna [Visitor]
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.
PermalinkPermalink 07/21/08 @ 18:48

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: Yeha [Visitor]
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
PermalinkPermalink 07/21/08 @ 18:50

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: Helen [Visitor]
Finally, I can use my credit card, that what you call "Globalization".
PermalinkPermalink 07/21/08 @ 18:57

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: EthioLuV [Visitor]
"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.
PermalinkPermalink 07/21/08 @ 19:13

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: philly [Visitor]
"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
PermalinkPermalink 07/21/08 @ 19:37

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: GREAT-ERITREA [Visitor]
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.
PermalinkPermalink 07/21/08 @ 19:45

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: tezibt [Visitor]
"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.
PermalinkPermalink 07/21/08 @ 20:27

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: mesfin B [Visitor]
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!
PermalinkPermalink 07/21/08 @ 21:52

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: habeshaw [Visitor]
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.
PermalinkPermalink 07/21/08 @ 22:57

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: Ethiojegna [Visitor]
hahahah ETHIOPIA gonna be a rich country in a couple of decades! better buy your houses while you can.

ahah ps eritrean [italian slaves] go back to your italian colony and work slavery under isayas.
PermalinkPermalink 07/21/08 @ 23:20

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: alena [Visitor]
Fact: It is indeed good for the econmoy.
Fact: the average ethiopian is not ready for it. Credit and 19.99% APR hurts.
Fact: Citi is closing thier doors here and opening in Ethiopia, ther are in to make money not grow economy.
Question: How do they make thier money?

The world may be ready to go in. Is Ethiopia and the people ready.
PermalinkPermalink 07/22/08 @ 00:03

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: ibsatti [Visitor]
Nazretoch, Tasazinalachihu. be weyane tultulawoch mewererachihun iyetegezebachihu new gin?
PermalinkPermalink 07/22/08 @ 00:59

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: Dawit [Visitor]
Are you kidding me!!! This bank is on the brink of bankrupcy here in the USA, and people are happy to get a westful corrupted bank in Addis. What a joke!!Read some financial sites in the US and you will see the truth.This bank is going down and do not trust anything what they say, they are just bunch of thieves!!Educate yourself.
PermalinkPermalink 07/22/08 @ 01:04

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: hesew yalesh [Visitor]
leba, woyane. citi bank
90% in starvation and u talk about foreinger bank.
leba wayane
there is a day to tell. u just wait and will u get it back what u are doing now yawning
prospective, peache, love and unity of the ethiopians and ethiopia.
Meles, kills people, divides ethiopian tribes, sells country.
what the heck you talken about.
did u know that ethiopian is the p oorest and devastated country in the world
shame on u!
PermalinkPermalink 07/22/08 @ 01:25

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: hesew yalesh [Visitor]
again
did u know each of you lost your origin, culture, identity, history and everything.
look back, the world are skyrocking and you are talking bull sheet.

here is the bottom line, unity is the key for one counry development but MELES DOESN'T LIKE THAT. WHY? answer for each of you like poping like popcorn withouth real understanding.
i fell bad each ou u inclding me lost.
understand the realty first OK
PermalinkPermalink 07/22/08 @ 01:31

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: hesew yalesh [Visitor]
DO we import food products from other countries. like TEFF and other grains.i don't think so. then, why ethiopians are starving today more than anybody else in the world?

please, guys, don't just go Addis and look the buildings built by Meles and his officials and say there is development. Instead, is the poor people gets daily bread or life is proportional? no?
judge, God will judge U?
PermalinkPermalink 07/22/08 @ 01:37

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: 1 BIRR [Visitor]
CITI BANK??? oh No :lalala:! they make bankrupcy everywhere the World -in a short time of period (US $)Dollars loose it´s currency ;so we need more Banks from Europe for better future in Ethiopia.
PermalinkPermalink 07/22/08 @ 02:02

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: turae [Visitor]
Hi Janet,

What is this hateful diaspora bash business “Janet” ye abeshawa ferenje?

The point to make here is your lover Melese telling us the economy is booming, investor here investor there but the truth is the majority of the Ethiopian people have nothing to show for that. The truth is, my people still starving and are food aid recipients’ full stop. We Ethiopians are renowned for begging on the world stage. Please prove me wrong if that is not the truth.

Appears to be you are one of the lucky few who benefited from the ascendance of this tyrant fascistic weyane regime. Janet can’t you see the sufferings of your fellow human beings? If you have the brains please think about the dying children the misery of the old and the young alike. Unfortunately I do think about the misery of my people and please don’t blame me for hating the weyane murderers because I have a reason.

I actually think I am guilty of directly funding the existence of your rotten regime with the remittance money I am regularly sending to support my poor parents, please give me a break I deserve a bit of respect at least for doing that.

Indeed you are “ye leba aynederek” Did you call Melese a great leader? I would simply say you are sick. Get help from your friend Yeha who is barking day and night 24/7. Sister, I though think that is your right to keep licking your secret lover Melese’s ass.

Cheers!
PermalinkPermalink 07/22/08 @ 04:13

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: tigern [Visitor]
her we go agin i can see the futuer. ETHIOPI WILL BE THE CENTER OF COMMERS ONES AGINE .
PermalinkPermalink 07/22/08 @ 05:39

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: Ethi.g [Visitor]
To....,

Le andhger "EDGETMALET" bemegemeriya
hezbwa tegegbo seader weyem rehab ke ageritwa
lay seweged bechanew!!!!!

Bezuhnu beletosaytegeb weyem eytrabe
ADELEM ageritwa adegech weyem telewetch
lebal yemibalew!!!!

"Hezebu yemibelaw dabo yelewem sebal...,

lemintadia kek aybelam ale..."

endezh hoen ye Ethio.... !!!!!

PermalinkPermalink 07/22/08 @ 05:52

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: tigern [Visitor]
ppl pleas don't get paranoid
the futur is looking great be prepar to have your share.by learning how to support.and save the nation for our youth. we all have duty education is the way out of poverty.if you ppl keep on going like this.the investors will start to bring there owne imploy and you will be tourist in your owne home.
PermalinkPermalink 07/22/08 @ 06:55

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: abay [Visitor]
eritreans
what did you know about bank? pls shut
your poor azzz up. let ethiopians talk about
bank. coz they have the mony. but you poor
ppl you better talk haw to eat 2 x a day kkkkk
now stop comment in our n.com specialy
you wedi lemanit gaheba PHILLY. WEDIZA
DIKALA WILL YOU GO TO YOUR ASMARINO FEGERAT.
PermalinkPermalink 07/22/08 @ 06:57

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: belachew [Visitor]
people,it's not just city that's introuble,but the majority of finiancial institutions are in a crunch time.BUt that's not to say they would be nicle and diming in ethiopia.even if they do,competition is always better.however,this banks better bring in those big pocketed foriegn invetsers with them.since capital invetment is the only way to create jobs.
PermalinkPermalink 07/22/08 @ 08:54

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: ambesaw [Visitor]
Great news the future is looking bright. I finally can use my citi debit card in Ethiopia.
Keep moving forward
PermalinkPermalink 07/22/08 @ 10:31

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: hammere [Visitor]
Ere gena minu ayachihuna ye-ethiopia telatoch

errrrrrrrrrrr dbbnnnnnnnnnnn belu
PermalinkPermalink 07/22/08 @ 11:04

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: samuel [Visitor]
we must be suspicious bcse we have enough local envestors as we seen since private bank is actively started to envolve in our country economy ,in the last 17 year the nomber of private bank in ethiopia is continue to grow ,if city bank and the german bank is allowed to involve in the banking sector it is very difficult for our local privat bank to compet with them ,as we know city bank is one of bigest bank in the world the government must give priority to our home grown bank investors we must focus on empowering and encouraging our investors ,on the other hand as we know ethiopia is on the way to join WTO if it happen the government is forced to fulfil all WTO regulation if it is like that the regulation is going to impliment in ethiopia JUST LIKE other member country as THEY did AFTER THAT the door is open to CITY BANK ,even we will see it will happen this greedy banks are coming to open their office earlier to show for other banks they are already their the other option what we might to deal with them rather than they are involved indepandently in banking sector if it is possible they might buy share if the market is confidential
PermalinkPermalink 07/22/08 @ 11:22

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: Yoseph [Visitor]
Ethiopia's bank system is still one of the worst in the world. The government just needs to bite the bullet and open the financial sectors to foreign and private companies so they can easily invest in this field to bring up the service to at least to the level of most African banks.

Let's face it - we have tried to build the communications, electric and banks infrastructures and not only we failed but failed miserably. We can't even build infrastructure at the level of other African countries. You can blame it on the government, lack of money and etc but the fact is that we are not able to do it. Let's just open it up and let others try it. We have nothing to lose!!
PermalinkPermalink 07/22/08 @ 11:51

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: Kalkidan [Visitor]
We are living on handouts. The country is in crisis and famine is killing our people where we never imagined.

It makes no difference to Ethiopians since this communist Woyane government did not returned back lands and properties that belong to Ethiopians that was stolen by the communist Derg’s.

Ethiopians are robbed of their money and wealth by the enemy Woyane. It is only to facilitate Woyanes and its cronies money they steal from Ethiopia.

As far as open market and competition we might as well forget it because the poorest country will have no chance in competing with Afghanistan let alone the US.
PermalinkPermalink 07/22/08 @ 15:43

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: Hilina [Visitor]
I see some die hard leftists on this blog who belive that Ethiopia should shut its door to foreign investors. First of all, the article did not say Citibank is about to open retail stores as it clearly says that is not allowed in the country at this time, that said Ethiopia should open its door for foreign investors including in the banking sector. Private foreign banks, telecom companies, including Ethiopia's iconic company Ethiopian Airlines all should be privatized. Only the private sector is capable of creating jobs and government's role should only be in regulating business, end of story.
PermalinkPermalink 07/22/08 @ 17:03

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: reality [Visitor]
Janet [Visitor]

When will this paid hooker stop her
self-aggrandizement??
PermalinkPermalink 07/23/08 @ 00:31

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: ethio [Visitor]


janet you are one anbesa hero for you and ethiopia i love your comment. some hodam and pigs will called you a name. but dont take it read it as a joks.go girl tell those parasite eretrian get lost and go get left over pasta from your master italian. injera is for ethiopian .we will fed our jibs than moran people like them.


ethiopia tikdem



ethiopian
PermalinkPermalink 07/23/08 @ 01:00

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: gabrlule [Visitor]
kalkidan laba enat legwan atamenem that is for you
PermalinkPermalink 07/23/08 @ 05:09

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: abu [Visitor]
Janet
you are not Ethiopian and i don't like your comment. don't try to put God betwen to cover things up.:crazy:
PermalinkPermalink 07/23/08 @ 16:35

I am solely responsible for this comment and agree to abide by the terms and conditions

msg Comment from: Kalkidan [Visitor]
garble,

What the hell are you saying. Are you saying we should trust Woyane after being looted for18 years?

You are either naive or dumb Woyane thief.
PermalinkPermalink 07/23/08 @ 18:19

I am solely responsible for this comment and agree to abide by the terms and conditions

Sorry Comments are closed for this post. Please continue the discussion on nazret.com Forum Join in now and post, be part of the most popular Ethiopian website

nazret.com online since 1994 One of the first Ethiopian sites. The first Ethiopian Blog site.

EthioBlog

EthioBlog is the first Ethiopian blog. During the June and November 2005 Carnage in Addis Ababa, nazret.com was the first website to post first hand eyewitness accounts from ground zero in Addis. Be part of the largest Ethiopian News website and join in as a contributor.

November 2009
Sun Mon Tue Wed Thu Fri Sat
 << <   > >>
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30          

Search




Categories

Archives

Misc

XML Feeds

What is RSS?


advertisements