#News : Commercial Bank of Ethiopia to open branches in countries with big Ethiopian community Commercial Bank of Ethiopia (CBE) announced over the week its plan to open branches in countries hosting big Ethiopian communities. According to Ephrem Mekuria, Communications Director of CBE , the state-owned Bank is undertaking a study to open branches in USA, South Africa, UAE, Djibouti and Saudi Arabia in the first phase of its endeavor to encourage the flow of remittance. Ephrem Mekuria said, the opening of the branches will increase the international competitiveness of CBE and help in regularizing money transfer as well as combating illicit flow of money. He also noted the benefit of the branches in increasing remittance from Ethiopians and foreign citizens who are customers’ to CBE. World Bank data released in 2010 shows that more than 2 billion dollar money is transferred to Ethiopia through informal channels. He told reporters that CBE’s only branch abroad, Juba’s Branch performance is encouraging. Ethiopia earned 2.7 billion in the 2012/13 fiscal year.
Posted on: Thu, 18 Dec 2014 12:12:31 +0000
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