Commercial Bank of Ethiopia
From Wikipedia, the free encyclopedia
| Commercial Bank of Ethiopia | |
| [[]] | |
| Type | ~ |
|---|---|
| Founded | 1943 |
| Headquarters | Template:Country data country Addis Ababa |
| Industry | Finance |
| Products | Financial services |
| Revenue | ~ |
| Employees | ~ |
| Website | http://www.combanketh.com/ |
The Commercial Bank of Ethiopia is the largest bank in Ethiopia, accounting for perhaps somewhere between 70% and 90% of the commercial banking market. The bank has 174 branches scattered over the main cities and towns including 45 branches in Addis Ababa. The bank possibly has one branch in Djibouti as well.
[edit] History
In 1963 the Ethiopian government split the State Bank of Ethiopia (est. 1943) into the National Bank of Ethiopia and the Commercial Bank of Ethiopia (CBE). CBE established a branch in Sudan that the Sudanese government nationalized in 1970. Then in 1980 the Government merged Addis Bank into the Commercial Bank of Ethiopia to make CBE the sole commercial bank in the country. (The government had created Addis Bank from the merger of the newly nationalized Addis Ababa Bank, and the Ethiopian operations of Banco di Roma and Banco di Napoli. Addis Abba Bank was an affiliate that National and Grindlays bank had established in 1963 and of which it owned 40%. At the time of nationalization Addis Ababa bank had 26 branches.) In 1994, the government reorganized and reestablished CBE. Recently the government has again reengineered CBE and signed a contract with Royal Bank of Scotland to provide management consultancy services to CBE. After the death of its former President, Mr. Gezahegn Yilma, the Board of Management appointed Mr Abie Sano as a new President of the Bank.
