Commercial Bank of Ethiopia
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| Government owned | |
| Industry | Finance |
| Founded | 1942 |
| Headquarters | Addis Ababa, Ethiopia |
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Number of locations
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1014 |
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Key people
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| Products | Financial services |
| Revenue | Birr 9.9 billion (June 2014) |
| AUM | Birr 192.3 billion (June 2014) |
| Total assets | Birr 242.7 billion (June 2014) |
| Total equity | Birr 10.7 billion (June 2014) |
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Number of employees
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11,055 |
| Website | www |
The Commercial Bank of Ethiopia (CBE) is the largest commercial bank in Ethiopia As of June 2015, it had about 303.6 billion Birr in assets and held approximately 67% of deposits and about 53% of all bank loans in the country. The bank has around 22,908 employees, who staff its headquarters and its over 1000+ branches positioned in the main cities and regional towns. The latter include 120 branches in the national capital Addis Ababa. With the opening of a branch in the Gechi in the Illubabor Zone of the Oromia Region, CBE's banking network has reached online 783 branches. The bank has reached 1014 branches as of February 12, 2016.[1]
The bank also operates two branches in South Sudan, and is contemplating opening re-opening a branch in Djibouti, andopening branches in Dubai and Washington, DC, all to serve the Ethiopian diaspora.
The bank is pioneer to introduce modern banking to Ethiopia and 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 service for local users.
After the Ethiopian-English victory over Fascist Italy, the new government established the State Bank of Ethiopia a proclamation issued in August 1942. State Bank of Ethiopia commenced full operations on 15 April 1943 with two branches and 43 staff. It served both as the Ethiopia's central bank with the power to issue bank notes and coins as the agent of the Ministry of Finance, and as the principal commercial bank in the country. In 1945 the Ethiopian government granted the bank the sole right of issuing currency. The first governor of the bank was an American, George Blowers. He inaugurated the new national currency, which, owed its successful introduction to the United States. The United States provided the silver for 50 cent coins, whose intrinsic value ensured popular acceptance of the new paper money to a population used to the circulation of the silver Maria Theresa thaler.
In 1958, the State Bank of Ethiopia established a branch in Khartoum, Sudan, that the Sudanese government nationalized in 1970, which over time grew to number 21 branches.
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Wikipedia