Two foreign banks apply to enter Ethiopia through greenfield investments
The National Bank of Ethiopia (NBE) has confirmed that two foreign banking institutions have formally applied to enter the domestic market through greenfield investments, establishing new operations from the ground up rather than acquiring stakes in existing local banks.
The development is the first clear indication that Ethiopia is beginning to dismantle its five-decade-long restriction on foreign participation in commercial banking. “Currently, there are two foreign bank applicants whose applications are being processed by the central bank,” said Frezer Ayalew, Director of the Supervision Directorate at the National Bank of Ethiopia.
Source: Capital Ethiopia
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