Bank of Abyssinia

Bank of Abyssinia
Company typeCommercial bank
Founded1905; 120 years ago (1905)
16 February 1906; 118 years ago (1906-02-16) (inaugurated)
Headquarters
Addis Ababa
,
Ethiopia
Number of locations
928
Area served
Ethiopia
Zimbabwe (formerly)
Key people
  • Bekalu Zeleke (President)
Total assetsETB 218,513,875,231 (2024)
Number of employees
11575 (2024)
Websitewww.bankofabyssinia.com

The Bank of Abyssinia (Amharic: አቢሲንያ ባንክ) is a commercial bank and the oldest bank in Ethiopia. It was established in 1905 and inaugurated by Emperor Menelik II on 16 February 1906, becoming the modern bank of Ethiopia.

In 1915, the bank was the first to produce banknote with the help of British owned National Bank of Egypt. The bank then changed the name to the Bank of Ethiopia during Emperor Haile Selassie regime in 1931. After nationalization by the Derg government, the bank was re-established as one of leading private banks with share company status.[1]

History

The Bank of Abyssinia is the first modern bank in Ethiopia established in 1905 and inaugurated on 16 February 1906 by Emperor Menelik II;[2][3][4][5] opening its office in Addis Ababa and Harare. In 1915, the bank began issuing banknote funded by the British owned National Bank of Egypt.[6] Still, Ethiopians used Maria Theresa thaler. During Emperor Haile Selassie regime, the bank was re-established as Bank of Ethiopia.[7][8]

Bank of Abyssinia in 1934

After 1974, the bank was nationalized by the Derg government and merged to Commercial Bank of Ethiopia.[9] On 16 February 1996, at the 90th anniversary of its inauguration, the bank was re-established as a private share company with the same name and logo.[10][11] Since then, the bank emerged as one of leading banks in Ethiopia offering various product and service to individuals and companies.[12]

Leading people

  • Bekalu Zeleke Chief Executive Officer
  • Sosina Mengesha Chief Digital Banking Officer
  • Daniel Hailu Chief Information Officer
  • Asaminew Deribew Chief Credit Business Officer
  • Abreham Gebeyehu Chief Branch Banking Officer
  • Mohammed Nuredin Chief International Banking Officer
  • Abdulkadir Redwan Vice President IFB
  • Meseret Asfaw Chief Enterprise Service Officer
  • Seifu Bogale Chief Coroporate Human Resource Officer
  • Desalegn Yizengaw Vice President Financial Management
  • Kagnew Wolde Vice President Marketing

See also

References

  1. ^ Fortune, (Addis). "Bank of Abyssinia Climbs Profit Ladder". Retrieved 2024-01-18.
  2. ^ Schaefer, Charles (1992). "The Politics of Banking: The Bank of Abyssinia, 1905-1931". The International Journal of African Historical Studies. 25 (2): 361–389. doi:10.2307/219391. ISSN 0361-7882. JSTOR 219391.
  3. ^ Mauri, Arnaldo (2003). "Origins and Early Development of Banking in Ethiopia". SSRN Electronic Journal. doi:10.2139/ssrn.667265. ISSN 1556-5068.
  4. ^ Mauri, Arnaldo (1997). "The Rise of Banking in Ethiopia". African Review of Money Finance and Banking (1/2): 39–56. ISSN 1124-3163. JSTOR 23026379.
  5. ^ "History". National Bank of Ethiopia. Retrieved 2024-01-18.
  6. ^ Conant, Charles Arthur (1915). A History of Modern Banks of Issue. G.P. Putnam's Sons. p. 575.
  7. ^ Henze, Paul B. (2000). Layers of Time: A History of Ethiopia. Hurst & Company. p. 209. ISBN 978-1-85065-393-6.
  8. ^ Horesh, Niv (2013-12-18). Chinese Money in Global Context: Historic Junctures Between 600 BCE and 2012. Stanford University Press. p. 275. ISBN 978-0-8047-8854-0.
  9. ^ "banking reform in Ethiopia" (PDF). 18 January 2024.
  10. ^ "Bank of Abyssinia - Fintech Finance". ffnews.com. Retrieved 2024-01-18.
  11. ^ www.coursehero.com https://www.coursehero.com/file/69509468/Assignment-on-Information-System-for-Managementpdf/. Retrieved 2024-01-18. {{cite web}}: Missing or empty |title= (help)
  12. ^ "Bank of Abyssinia S.C., Accounting Firms in Ethiopia (ET) | Aurigin". www.aurigininc.com. Retrieved 2024-01-18.