Based on its experience in
international financial markets, the management of Gallob is
convinced that emerging markets like Ethiopia cannot develop into
efficient economies without large structural changes in their
financial systems. Only the establishment of a profit-oriented,
privately-owned banking system, which is currently beginning, will
ensure that the financial system can take on its intended role of
financier of real economic projects.
Although presently
it is certainly too early to speak of efficient private banks in
Ethiopia, initial steps in this direction are already under
way. Not least the present construction boom requires new methods of
financing beyond financing with one’s own capital, which has
usually been the case until now. The capital obtained as part of
Ethiopia's upturn also requires new opportunities for investment,
which in turn leads to new developments in the offerings of banks and
insurance companies. The establishment of a stock exchange in
Ethiopia represents the logical end of this development.
Against
this background, H. Gallob GmbH will make investments in this sector
as early as possible. The company will concentrate exclusively on
minority investments of less than 10%. Profits will be realized in a
later phase through the stock exchange. The estimated holding period
is at least 5 years.
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