7 January 2007

Ethiopia: Anbessa Bank Officially Inaugurated

Addis Ababa — The official inaugural ceremony of Anbessa international Bank and its shareholders' first meeting was held here yesterday at Sheraton Addis.

Speaking on the occasion, Economic Advisor to the Prime Minister with the Rank of Minister, Neway Gebre-Ab said that the role banks play in developing the country's economy is immense.

Banks are among the major sources of capital, Neway said, adding that the establishment of the bank at this period contributes for the country's endeavor for fast economic development.

A bank's efficiency is measured in the service it provides and the sustainable profit it makes, he said adding that though the bank couldn't afford all facilities at once, it should strive to fulfill the necessary facilities through time.

Chairman of Anbessa Bank Organizing Committee, Nega Gebre-Egzhiaber, said the bank is founded with a 432 million birr pledged and a 108 million birr paid capital.

Meanwhile, Trade and Industry State Minister Tadesse Haile said that private and state-owned banks should provide efficient services to the public by employing modern technologies.

Speaking at the inaugural ceremony of the Yeka Branch of Anbesa International Bank here yesterday, Tadesse said that the opening of the bank would contribute its share in the achievement of sustainable development.

He said it should also contribute its share in the building of the nation's economy by taking part in the healthy market competition.

Speaking on his part, Branch Manager Berhane-Maskal Embaye said the economic policy the country pursues has enabled the bank to open its branch.

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