Commercial Bank of Ethiopia , Djibouti Branch

History of the Commercial Bank of Ethiopia in Djibouti

The recent history of the CBE in Djibouti is tainted with ups and downs. The bank began operation in 1962 as a liaison office and became a full-fledged bank in 1971. - Its officials decided to close the branch over a decade ago mainly due to reportedly a high non-performing loan portfolio amounting to USD 16.7 million. - Before its closure, the bank was one of Djibouti’s major financial players with its own buildings. Khat importers were the major customers of CBE’s Djibouti branch. - CBE Djibouti subsidiary bank in Djibouti is established since April 2017 - It was inaugurated on January 12,2020 in the presence of CBE president to Bacha Gina, President of Djibouti, Ismail Omar Guelleh, and Ambassador of Ethiopia to Djibouti, Abdulaziz Mohamed. - The subsidiary is aimed at reinforcing the ties between the two countries besides strengthening the level of banking of residents of Djibouti. - It will also serve as a new lever for investment in Djibouti and attract Ethiopians to invest in sectors like housing, tourism and the digital economy, The inauguration of office is the final step of the process of the planned economic integration between the two countries - Ethiopia and Djibouti have strategic and complementary partnerships in the field of import-export, infrastructure, electricity, water, energy and other mega-projects. - CBE is competing with a total of 13 banks that are operational providing financial services. - The subsidiary has succeeded all its business target and becomes profitable for the first time since its establishment by the end of the fiscal year 2022.

• We are committed to realize stakeholder’s values through enhanced financial intermediation using the best professionals and technology.