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The '''Commercial Bank of Ethiopia''' is largest bank in the country, accounting for perhaps somewhere between 70% and 90% of the commercial market. At present it has 172 branches scattered over the main cities and towns, but also including one in ]. | ||
| ==History== | ==History== | ||
Revision as of 16:18, 19 July 2006
The Commercial Bank of Ethiopia is largest bank in the country, accounting for perhaps somewhere between 70% and 90% of the commercial market. At present it has 172 branches scattered over the main cities and towns, but also including one in Djibouti.
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. 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 restablished CBE. Recently the government has again restructured CBE and signed a contract with Royal Bank of Scotland to provide management consultancy services to CBE.