Tuesday 31st March 2015


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Monday, 09 March 2015 06:43

The Banque pour le Commerce et l’Industrie - Mer Rouge (BCIMR) a subsidiary of the French bank BRED, officially celebrated the opening of its representative office in Ethiopia. BCIMR opened the first branch in Djibouti 1954. Djiboutian government and BRED own BCIMR. From its base in Djibouti, the BCIMR has played a significant part in over fifty years of economic development of the region. Oliver Klein CEO of BRED talked to Capital about the bank’s future plans. Excerpts;

Capital: Please tell us why you are here. What your bank is planning to do here in Ethiopia.
Oliver Klein:
Well first we are very happy to be in Ethiopia. Ethiopia is a really big country and is developing very fast: it’s amazing. To introduce the BRED group to Ethiopians themselves, let’s say that we are a member of the BPCE Federation, which is the second banking group in France. We are its biggest Regional Retail Bank. We operate in France in retail banking, and large corporate banking. Together with traditional banking activities, we have a trading floor, asset management and life insurance companies. Moreover, we operate banks in several foreign countries including Djibouti. In Djibouti, with the Djiboutian government, we are shareholders of “Banque pour le Commerce et l’Industrie - Mer Rouge” (BCIMR). It is the main bank in Djibouti with a 50 percent market share, a major player when it comes to financing the Djiboutian economy. Our goal is to operate there as we do in France, and contribute to developping the economy through collecting and lending money from and to individuals, small businesses and bigger corporations. That is also the reason why we are here and why we open a representative office officially here in Addis. Add a comment



1. Do you think the ever increasing house rent will calm down in the years to come?

(367 votes)

17.2%   (63)
80.1%   (294)
2.7%   (10)


2. Do you think GM foods will be allowed to enter Ethiopia?

(542 votes)

29.2%   (158)
69.7%   (378)
1.1%   (6)

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