Insurance, investment banking ventures included in soon-to-be Siinqee Group
Three years after securing a license that allowed Oromia Credit & Saving S.C. to transform into a full-fledged commercial bank, the executives of Siinqee Bank are preparing to venture into lease financing and the insurance business through the establishment of Siinqee Group.
Bank President Neway Megerssa told The Reporter that work is underway to realize the conglomerate, which will include up to 10 subsidiary companies. Among them are Siinqee Bank itself, an investment banking firm, an insurer, a lease financing business, and a microfinance institution, according to the President.
Siinqee Bank already offers some of these services, but the massive new restructuring would place them under their own independent firms under the Group’s umbrella.The Group will also include an institution dedicated to providing education and training services for finance professionals, according to Neway.
The President hopes to see the restructuring expand Siinqee’s market reach and competitiveness, and improve its operations in the fast-growing digital finance scene.
Siinqee Bank currently holds 15 billion Birr in paid-up capital.
The firm has seen deposits from its 7.6 million customers surge to more than 80 billion Birr since it joined the commercial banking industry in 2022. The Bank’s more recent reports indicate it has provided more than 50 billion Birr in credit to a quarter of a million borrowers.
Siinqee Bank operates close to 600 branches across Ethiopia and boasts an employee network of more than 11,000 people.
