The Commercial Bank of Eritrea is the only banking institution in

Eritrea Eritrea ( ; ti, ኤርትራ, Ertra, ; ar, إرتريا, ʾIritriyā), officially the State of Eritrea, is a country in the Horn of Africa region of Eastern Africa, with its capital and largest city at Asmara. It is bordered by Ethiopia ...

with full retail

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

ing services. It is a government-owned bank, with 17 branches throughout the country. The Bank has arrangements with

Citibank Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City ...

for international money transfer, as well as with

Deutsche Bank Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...

History

When Eritrea achieved its independence in 1991, it took over the Eritrean branches of the

Commercial Bank of Ethiopia The Commercial Bank of Ethiopia (CBE) is the largest commercial bank in Ethiopia. As of June 2021, it had about 1.1 trillion birr in assets and held approximately 67% of deposits and about 53% of all bank loans in the country. The bank has aroun ...

. The Eritrean government formally chartered the Commercial Bank of Eritrea in 1994.

References

Banks of Eritrea Companies of Eritrea Banks established in 1991 1994 establishments in Eritrea {{Africa-bank-stub

History

See also

References