NAIROBI, June 13 (Xinhua) -- Equity Bank, a Kenya-based regional financial institution, has entered the Ethiopian market to boost its presence in Africa, a senior official said on Thursday.
Equity Group CEO James Mwangi said in a statement that his organization has opened a Commercial Representative Office which will be based at Kazanchis-Addis Ababa and is expected to be fully operational in July.
"The entry of Equity Bank into Ethiopia -- a country with a population of nearly 100 million people -- follows Ethiopia's government appointment of a privatization commission and the ongoing reforms which are aimed at promoting a growing private sector," Mwangi said.
"Having completed phase one of our expansion, the entry into Ethiopia is part of our phase two expansion in pursuit of our aspiration of being a Pan African bank with presence in 10 African countries by the end of the year," he added.
Equity Bank currently operates in Kenya, Uganda, Tanzania, Rwanda, South Sudan and the Democratic Republic of Congo.
In May, the regional bank announced entry into Zambia and Mozambique after striking a preliminary agreement with Atlas Mara Limited to exchange ordinary shares in the Group for controlling equity stakes in four banks operating in Rwanda, Tanzania, Zambia and Mozambique.
"With the addition of Ethiopia, the Bank will now have operations in a regional market with a combined population of nearly 500 million people," Mwangi said.
