Kenya comercial bank (KCB) Group, headquartered in Nairobi, Kenya, is evaluating options to enter the market by buying shares from banks in Ethiopia.
East Africa’s largest bank, KCB, is active in the banking industry in Burundi, Rwanda, South Sudan, Tanzania and Democratic republic of Congo, as well as Kenya.
This bank has now decided to buy shares in Ethiopian banks.
However, it is not clear which Ethiopian bank the Kenyan bank has decided to buy shares from.
Lawrence Kimati, the bank’s finance director, stated that during his interview with Business Daily Africa, the bank had surveyed the Ethiopian banking market.
He also pointed out that, the bank had discussed with people from different banks.
The director added that, they have identified those who can work with them.
According to Lawrence, the best use of technology by the banks is one of the selection criteria to work with.
Ethiopian government recently allowed foreign banks to hold up to 30 percent of the country’s banks.
Following the opening of Ethiopia’s doors to foreign banks, local banks have been advised to merge in order to be competitive and profitable with foreign banks.
