Commercial Bank of Ethiopia inaugurates tallest building

The new building, which cost $303 million, will serve as the headquarters of CBE, which is also celebrating its 80th anniversary. During today’s inauguration ceremony and 80th anniversary of CBE, the Bank has awarded its long serving employees and those prominent individuals who have contributed significantly for the growth of the bank since its establishment.

CBE commands 54% of the market with total assets of 1.1 trillion birr, 824 billion birrs in deposits, & 34 million customers. Among the top professionals of CBE who contributed significantly for the growth of the Bank and received today superior service award are Teklewold Atnafu, who also the former Governor of the National Bank of Ethiopia (the central bank), Alemu Abera, who is currently serving as President of Buffalo Commercial Bank in South Sudan, Tilahun Abay, Ambassador Girma Biru, former Ethiopian Ambassador in U.S., and Dr. Tefera Degife.

After handing over the awards to the five individuals and their representatives, Prime Minister Abiy Ahmed, congratulated CBE employees for completing the construction of the Bank and sustaining CBE as the strongest financial institution in the country for the past 80 years.

Indicating that CBE is older than many African countries, Abiy Ahmed indicated that CBE is giant in Ethiopia’s financial history with 62 percent. It has wealth of over one trillion Birr. Abiy also stated that even though CBE has not got a license from the Ministry of Education of Ethiopia, it has been the school of banking professionals for many decades.

Abiy urged the banks in Ethiopia to capacitate themselves with technologies to face the future completion when before Ethiopia opens the sector for foreign financial institutions. As we also aspire CBE to have presence in East Africa and other African countries, Ethiopia will also open the sector for foreign banks, according to Abiy Ahmed, who didn’t mention when the banking sector will be liberalized.