Prime Minister Abiy Urges CBE to Prepare for International Competition

Addis Ababa, February 14, 2022 (FBC) – Prime Minister Abiy Ahmed said that Commercial Bank of Ethiopia (CBE) is expected to join global financial competitions.

The Prime Minister has inaugurated the new state-of-the-art skyscraper headquarters of Commercial Bank of Ethiopia (CBE) built at a cost of 303.5 million USD.

Speaking at the inauguration ceremony, the premier described the bank has a wealth of financial expertise and knowledge in Ethiopian banking history.

The premier added that the Commercial Bank of Ethiopia (CBE) is a testament to Ethiopia’s capacity in building institutions and passing them on to future generations.

“It is delighting to see that the bank, on its 80th anniversary completed this state-of-the-art building. There is the need to build institutions that continue to learn from the past and redeem seasons,” he said.

According to him, in order for banks to compete with international banks, they need far more modernization in terms of manpower and operation aside erecting such magnificent buildings. CBE is resourceful in financial expertise and knowledge in the country, noted.

Noting that CBE is an umbrella of the financial institution in Ethiopia’s financial history, Abiy said the bank accounts for more than 52 percent of all bank deposits in the country.

In addition, the Commercial Bank of Ethiopia accounts for more than 60 percent of the sector’s total assets, according to ENA.

However, Abiy stressed the bank’s success should be extended to regional competitions in the horn of Africa and the international arena.

Commercial Bank of Ethiopia’s starting capital was one million Maria Theresa (silver bullion coin). Currently, the bank is said to have about 1.1 trillion birr in assets and over 34 million active customers across Ethiopia. CBE which is delivering services through 1.795 branches plans to lend 100 billion birr during the current fiscal year.