By Tesfa-Alem Tekle
April 14, 2012(ADDIS ABABA) - One of Ethiopia’s leading banking groups United Bank is poised to open its first branch outside Ethiopia in South Sudan’s capital Juba, according to a release from the bank.
The new venture will make it Ethiopia’s first private bank to break into the banking industry inside the continent’s newest nation. The Kenya Commercial Bank also has a presence in South Sudan.
The state-owned Ethiopian Commercial Bank (ECB), opened a branch in South Sudan in 2009 following the 2005 Comprehensive Peace Agreement that brought an end to over two decades of civil war between Sudan and South Sudan.
United Bank said it is finalising preparations to open in Juba. When opened, the bank said it will render all types of commercial banking services.
Banking policies in South Sudan oblige foreign bank firms to have a minimum of 15 million dollars of initial capital to begin operation.
United Bank say it plans to open more branches in other African countries.
Founded in 1998, currently United Bank has 57 branches across Ethiopia. During the 2010/2011 fiscal year the bank reported an all time high gross profit of 330 million Birr - around $19 million.
Related news items:
Newer news items:
- South Sudan says Heglig oilfield reduced to rubble, Sudan denies - Reuters - 15/04/2012
- South Sudan: SAF Bombing Raids On Unity State Kills Civilians - Juba - AllAfrica.com - 15/04/2012
- In Sudan's Nuba Mountains, rebels roll up string of victories - Kansas City Star - 15/04/2012
- Citizens in South Sudan Commemorate Genocide - AllAfrica.com - 15/04/2012
- Returning Sudanese Child Soldiers Their Childhood - Inter Press Service - 15/04/2012
Older news items:
- Egypt Supports Sudan's Call for Immediate Withdrawal of South Sudan Troops ... - Sudan Vision - 14/04/2012
- Sudan and South Sudan Keep Up Their Border Attacks - New York Times - 14/04/2012
- Update on the latest news, sports, business and entertainment - NECN - 14/04/2012
- South Sudan says repulses Sudan army attack on Heglig - Reuters - 14/04/2012
- Bombs kill 5 in South Sudan, doctor says - STLtoday.com - 14/04/2012
Popular news items:
- No oil in troubled waters - 25/03/2014 - Read 19256 times
- School exam results in South Sudan show decline - Bikya Masr - 01/04/2012 - Read 15369 times
- Former Lost Boy Gives Back to South Sudan - Care2.com (blog) - 31/05/2012 - Read 14582 times
- NDSU student from South Sudan receives scholarship - In-Forum - 29/09/2012 - Read 14175 times
- With prisons full, South Sudan to introduce mobile courts to clear backlog of ... - Washington Post - 11/10/2012 - Read 11727 times