After entering the banking markets of Tanzania, Botswana, Namibia and Zambia, South African financial services provider ABSA is seeking to expand its presence in Ethiopia. The banking giant hopes to increase its banking income thanks to its expansion in this country of East Africa.
However, ABSA states that it intends to acquire existing retail banking activities instead of creating a new one.
“Our overriding goal is to become a banking group that Africa can be proud of, a forward-looking African company that recognizes our African heritage, rooted in Africa and with global reach. We have a clear and undiluted ambition to double our market share of African banking income to 12%, “said Maria Ramos, CEO of Barclays Africa Group.
ABSA also has an interest in other African countries such as Nigeria, Egypt and Angola.
It should be noted that since the introduction of the privatization program of Ethiopia launched by Prime Minister Abiy Ahmed in 2018, several banks have expressed their intention to start operations in the country that has hitherto prevented foreign participation in the sectors. including the banking sector.
