Egypt’s CIB to open representative office in Ethiopia July-end

Egypt’s Commercial International Bank (CIB) will open a representative office in Ethiopia at the end of this month, a top bank executive said on Tuesday.

CIB, Egypt’s largest listed bank, has recently launched a new division for the bank’s operations in Africa and formed new correspondent banks with African counterparts, said African Region Sector head Wagdy Dabbour.

“We have so far a network of 41 correspondent banks, including financial institutions, in Africa.” Dabbour said at a conference in Cairo.

The bank is seeking to boost its reach in the African continent in the coming period as the anticipated office in Ethiopia will be just the beginning, Dabbour said.