Ethiopian Commercial Bank ( CBE ) is the largest commercial bank in Ethiopia In June 2015, the bank had about 303.6 billion Birr in assets and had about 67% savings and about 53 % of all bank loans in the country. The bank has approximately 22,908 employees, who manage its headquarters and more than 1000 branches in major cities and regional cities. The latter includes 120 branches in the national capital Addis Ababa. With the opening of a branch in Gechi in the Illubabor Zone of the Oromia Region, the CBE banking network has reached 783 online branches. The Bank has reached 1014 branches per February 12, 2016. [1]
The bank also operates two branches in South Sudan, and plans to reopen the opening of branches in Djibouti, and open branches in Dubai and Washington, DC, all to serve the Ethiopian diaspora.
The Bank is a pioneer to introduce modern banking to Ethiopia and is credited for playing a catalytic role in the economic progress and development of the country. It is also the first bank in Ethiopia to introduce ATM services to local users.
Video Commercial Bank of Ethiopia
History
After the Ethiopian victory over Fascist Italy, the new government established the State Bank of Ethiopia proclamation issued in August 1942. State Bank of Ethiopia commenced full operation on 15 April 1943 with two branches and 43 staff. It functions well as the central bank of Ethiopia with the power to issue banknotes and coins as an agent of the Ministry of Finance, and as a major commercial bank in the country. In 1945, the Ethiopian government gave the bank the sole right to issue the currency. The first bank governor was an American, George Blowers. He inaugurated a new national currency, which, thanks to its successful influence to the United States. The United States provides silver for 50 cent coins, whose intrinsic value guarantees popular acceptance of new banknotes to populations used for Theresa Thaler's silver circulation.
In 1958, Bank Negara Ethiopia established a branch in Khartoum, Sudan, that the Sudanese government was nationalized in 1970, which from time to time grew to number 21 branches.
In the 1950s, SBE established a branch in Djibouti. In 1920, the Bank of Abyssinia opened a transit office in Djibouti. At a point after its formation, the State Bank of Ethiopia reopened the transit office, which in due time became a branch.
In 1963, the Ethiopian government divided the State Bank of Ethiopia into two banks, the Ethiopian National Bank (central bank), and the Ethiopian Commercial Bank (CBE). Seven years later, the Sudanese government nationalized Commercial Bank of the Ethiopian branch in Khartoum.
The Ethiopian Government merged Addis Bank to Ethiopia Commercial Bank in 1980 to make CBE the only commercial bank in the country. The government has created Addis Bank from the merger of the newly nationalized Addis Ababa Bank, and the Banco Ethiopian operation in Rome and Banco in Naples. Addis Ababa Bank is an affiliate to which the National Bank and Grindlays have been established in 1963 and owned 40%. At the time of nationalization, Addis Ababa Bank has 26 branches. Merger from Addis Ababa Bank with CBE makes CBE the only commercial bank in Ethiopia, with 128 branches and 3,633 employees.
In 1991, when Eritrea achieved its independence, the nationalization government of Eritrea branches there. In 1994, these branches formed the basis for what became the Eritrean Commercial Bank. Also in 1994, the Ethiopian government reorganized and rebuilt the CBE.
In 2004, CBE closed its branch in Djibouti due to problems with loan losses.
In January 2009, the CBE received a regulatory approval to open a branch in Juba, South Sudan. The CBE expanded its presence in South Sudan to five branches in Juba and Malakal, but the ongoing conflict in the country has forced the CBE to close all but two branches in Juba.
Several years ago, the government restructured CBE and signed a contract with Royal Bank of Scotland for management consulting services. After the death of his former President, Mr. Gezahegn Yilma, the Management Board appointed Mr. Abie Sano as the new President of the Bank. The parliament recently raised the Bank's capital to 4 billion Ethiopian Birr.
Maps Commercial Bank of Ethiopia
References
External links
- Official Site
Source of the article : Wikipedia
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