From Wikipedia, the free encyclopedia
Banca per l’Africa Orientale (BAO) was an early attempt to establish modern banking in the Horn of Africa at a time when Eritrea and Italian Somaliland were Italian colonies.
- 1917 Banca Italiana di Sconto promoted the formation of the Banca per l’Africa Orientale as a joint stock company in Rome with head office in Massawa and a branch in Mogadishu.
- 1918 BAO commenced operations.
- 1923 BAO was liquidated following problems at the bank and the failure of Banca Italiana di Sconto.
[edit] Source
- Mauri, A. (1998) The First Monetary and Banking Experiences in Eritrea. African Review of Money, Finance and Banking, 1-2: 67-84.
