| description |
TIMELINE
1940: Banco di Napoli (BN) representative office opened in Addis Abeba.
1953: BN Addis Abeba representative office closed.
Banco di Napoli (BN)'s project to establish a branch in Addis Abeba first came about in 1937, when BN's Board of Directors resolved to make an outlay to renovate the premises it rented there and transform them into a branch. But it was only in 1940 that BN, having received authorization from the Ispettorato per la difesa del risparmio e per l'esercizio del credito, an Italian financial and loan oversight agency created several years prior, made the decision to open a representative office in order to operate exclusively as a building society in Addis Abeba.
The office continued to operate up until the early 1950s, when a decision was made to liquidate it; it would take several years for the process to wrap up. |
