The Commercial Bank of Eritrea is the only banking institution in

Eritrea Eritrea, officially the State of Eritrea, is a country in the Horn of Africa region of East Africa, with its capital and largest city being Asmara. It is bordered by Ethiopia in the Eritrea–Ethiopia border, south, Sudan in the west, and Dj ...

with full retail

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

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 bank (United States), National Association"; stylized as citibank) is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation, multinational corporation. Ci ...

for international money transfer, as well as with

Deutsche Bank Deutsche Bank AG (, ) is a Germany, German multinational Investment banking, investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. ...

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