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ON A FAST LANE

ON A FAST LANE

It seems that the largest bank in the country, the Commercial Bank of Ethiopia (CBE), is striding on a fast lane to become one of the major financial services provider in East Africa. As a indicant to this statement, CBE on Thursday disclosed that it has secured a revenue of USD 2.4 billion from its foreign exchange trade over the past six months. And true to form, this is not the first time that bank has heralded it's success story. However, this is by no means what the colossal state-owned bank wanted its books to reveal. According to the bank's president, Bekalu Zeleke, the revenue secured during the half year is minimal compared against the five billion US dollars gained same period last year.

The announcement came during the foreign trade and service day ceremony staged to award best performing depositors. Accordingly, CBE customers with financial deposits ranging from 1-15 million US dollars received certificates based on amount deposited. The Bank also awarded gold and platinum medals as well as special offers to companies with financial deposits amounting to 15-30 million US dollars, 30-100 million US dollars, and over 100 million US dollars, respectively.

Ayka Addis, Bole Atlantic, Ethiopian Cereals Commercial Organization and Ethiopian Airlines all received platinum level awards while MIDROC and Western Union got special offer award.

Currently, CBE boasts of 12 million customers, 1,011 branches and 330 billion birr capital.