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Opening up the banking sector to foreign investors creates an opportunity for banks to be competitive – Abe Sano
Addis Ababa, the decision to open up the banking sector to foreign investors will open up opportunities for Ethiopian banks to be competitive through cooperation, said the President of the Commercial Bank of Ethiopia, Abe Sano.
In its 13th regular meeting, the Council of Ministers has decided to implement the proposed draft policy to open up the banking sector to foreign investors.
The President of the Commercial Bank of Ethiopia, Abe Sano, told ESA about the decision, that the banking sector remains closed to the world market, which has slowed down the growth of local banks.
He said that by gradually opening up the banking services to international competition, local banks should work to strengthen their competitiveness.
He also pointed out that the competition will create an opportunity to gain international experience.
He emphasized that the opening of the banking sector to the world market is encouraged but should be managed carefully.
He pointed out that there is a need to establish a system whereby foreign banks enter with a certain share of shares so that local banks are not harmed in the competition.