Bank of Abyssinia explained

Bank of Abyssinia
Type:Commercial bank
Founded:
(inaugurated)
Hq Location City:Addis Ababa
Hq Location Country:Ethiopia
Area Served:Ethiopia
Zimbabwe (formerly)
Key People:
  • Bekalu Zeleke (President)
Num Employees:11575
Num Employees Year:2024
Num Locations:928
Assets:ETB 218,513,875,231
Assets Year:2024

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] 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

References

  1. Web site: Fortune . (Addis) . Bank of Abyssinia Climbs Profit Ladder . 2024-01-18 . en-US.
  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 . 10.2307/219391 . 219391 . 0361-7882.
  3. Mauri . Arnaldo . 2003 . Origins and Early Development of Banking in Ethiopia . SSRN Electronic Journal . 10.2139/ssrn.667265 . 1556-5068.
  4. Mauri . Arnaldo . 1997 . The Rise of Banking in Ethiopia . African Review of Money Finance and Banking . 1/2 . 39–56 . 23026379 . 1124-3163.
  5. Web site: History . 2024-01-18 . National Bank of Ethiopia . en-US.
  6. Book: Conant, Charles Arthur . A History of Modern Banks of Issue . 1915 . G.P. Putnam's Sons . 575 . en.
  7. Book: Henze, Paul B. . Layers of Time: A History of Ethiopia . 2000 . Hurst & Company . 978-1-85065-393-6 . 209 . en.
  8. Book: Horesh, Niv . Chinese Money in Global Context: Historic Junctures Between 600 BCE and 2012 . 2013-12-18 . Stanford University Press . 978-0-8047-8854-0 . 275 . en.
  9. Web site: 18 January 2024 . banking reform in Ethiopia .
  10. Web site: Bank of Abyssinia - Fintech Finance . 2024-01-18 . ffnews.com.
  11. Web site: https://www.coursehero.com/file/69509468/Assignment-on-Information-System-for-Managementpdf/ . 2024-01-18 . www.coursehero.com.
  12. Web site: Bank of Abyssinia S.C., Accounting Firms in Ethiopia (ET) Aurigin . 2024-01-18 . www.aurigininc.com.

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