LISTEN TO ARTICLE 1:26 SHARE THIS ARTICLE Share Tweet Post EmailPhotographer: Simon Dawson/Bloomberg Photographer: Simon Dawson/BloombergEquity Group Holdings Plc. plans to set up a representative office in Ethiopia as the East African nation opens up its financial sector, according to a person with knowledge of the matter. Kenya’s biggest bank by market value received approval to open the office at the end of May, the person said, asking not to be identified because the matter is private. Equity Group would be the second Kenyan bank to set up in Ethiopia after rival KCB Group opened a representative office in the capital, Addis Ababa. Related: KCB Group Open to Ethiopian Buy to Extend Regional FootprintEthiopia, which has 18 commercial banks serving more than 100 million people, is working with the World Bank to open up its financial sector to foreign investment.

Source: Ethiopian News June 12, 2019 14:37 UTC