Banca per l'Africa Orientale

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.

References

• Mauri, Arnaldo (1998), "The First Monetary and Banking Experiences in Eritrea". African Review of Money, Finance and Banking, n. 1-2: pp. 67-84.