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From: Biniam Tekle (biniamt@dehai.org)
Date: Mon Oct 25 2010 - 09:36:02 EDT
http://english.peopledaily.com.cn/90001/90778/90861/7167107.html
A commercial success looks to increase competition
08:36, October 15, 2010
A universal bank that caters for all sectors of the economy, including
agriculture, domestic trade, finance, transport and fisheries, the
Commercial Bank of Eritrea is committed to a dynamic financial sector
in Eritrea.
With a mission to provide credit facilities for Eritreans to realize
their business dreams, the Bank enjoys an 85percent share of the
market, making it the largest commercial institution in the country.
General manager Yemane Tesfay is convinced that Chinese participation
will add extra value and efficiencies to the bank and its clients, and
bring much-needed competition to the banking sector.
"As a banker for 30 years, I am pro-competition, so a Chinese investor
taking control of the management of the bank would be good for Eritrea
and good for the investor.
"We have a network of branches all over the country, even in the rural
areas, so there is a solid base laid. The infrastructure is there, the
reputation is there, public confidence is there and on top of all
that, we have a young and educated workforce and can communicate in
different languages. Taking China's general interest in Africa into
account, I am optimistic it will be beneficial for both sides."
Internationally minded
Tesfay believes it is the bank's asset base and capitalization under
the Basel II agreement that secured its inclusion as one of The Banker
magazine's Top 100 African Banks.
The bank also prides itself on having relationships with around 30
correspondent banks in Europe, the US and the Far East, and on being a
member of the SWIFT family.
These factors, along with a computerized banking system and systematic
training programs for staff, all point to an internationally minded
institution. "We would like to establish more links with China,"
Tesfay said. "If there are goods and services going back and forth
between the two nations, there is no reason why we cannot have a
strong relationship.
"Being State-owned, our banks are not as efficient as they could be.
Chinese investors can enjoy the first-bird advantages if they come and
participate now. It will be a pleasure to serve their investments."
Source:China Daily
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