Commercial Bank of Ethiopia Engine of Nation's Dev’t: CBE President

The Commercial Bank of Ethiopia (CBE) has been the engine and pillar of the nation’s development, CBE President Abie Sano said.

Prime Minister Abiy Ahmed has today inaugurated the new state-of-the-art skyscraper headquarters of Commercial Bank of Ethiopia (CBE) built at a cost of 303.5 million USD, gracing its 80 years anniversary.   

Addressing the occasion, CBE President, Abie Sano, said in its 80 years journey, the bank has pioneer in expanding the banking services tremendously,  creating awareness about banking services and the culture of saving in Ethiopia.

Among others, the bank has discharged  its social responsibility, pioneered to finance  the nation’s economy by expanding trade and investment as well as  supporting the agriculture sector.                                                                                                                                                                                                                                                                                

The president  further stressed that CBE has registered  a vivid national mark in providing financial supports for various giant projects which are crucial to realize the nation’s prosperity.   

Highlighting  the pivotal role in the country’s development, he noted  that its accessibility has reached about 1800 branches with the huge financial capacity, modern and reliable digital technology are among the factors for the success of the bank.

Regarding its social responsibility, the president stated that the bank has contributed 2.6 billion birr within two years for Gebeta Lehager, the premier's initiative, and for supporting IDPs as well as for the survival campaign of the country.  

CBE has also been played essential role in Ethiopia’s banking industry with knowledge transformation and producing well qualified human resource as some of the private banks were also established with financial support of Commercial Bank of Ethiopia in the form loans, he noted.

CBE, the then State Bank of Ethiopia was established with a capital of one million Maria Theresa in 1942. Now, the total assets of the Commercial Bank of Ethiopia has reached 1.1 trillion birr with its customers standing at  34 million.  

Ethiopian News Agency