Prime Minister Abiy Ahimed has said that talking about branch numbers will not be the basis for bank growth.
The Prime Minister addressed the inauguration ceremony of the new headquarters of the Commercial Bank of Ethiopia and the 80th anniversary of the bank.
In his speech, the Prime Minister said Ethiopia’s ban on foreign banks for the past 30 years will not continue.
He said the share of the Commercial Bank of Ethiopia will account for 52 percent of the total deposits in Ethiopian banks and 62 percent of the total assets of over 1 trillion birr.
He urged the bank to prepare itself for international competition as an example to other banks.
He said the Commercial Bank of Ethiopia (CBE) should be competitive in East Africa and other markets besides domestic competition.
Recognizing that increasing the number of branches is not a guarantee for bank growth, it is important to be self-sufficient, he said.