CBE Jubilant Over New Juba Branch

The Commercial Bank of Ethiopia (CBE) is to officially inaugurate its subsidiary office in Juba South Sudan Tuesday, September 22, 2009, although the office has been in service since April 2009. The branch has 12 staff members including Fekadu Gedissa, the manager.

CBE has rented the office building at a monthly rate of 20,000 dollars from Khair Al Seid, a Sudanese businessman. The Bank has also rented residential houses for the branch’s employees said Habtu, whose department was responsible for the feasibility study.

Its services will include foreign currency exchanges, deposits, Letter of Credit (L/C), and import/export transactions. CBE expects this branch in the oil-rich South Sudan to generate 100 million dollars of revenue from within two years of operation.

full story: http://www.addisfortune.com/CBE%20Jubilant%20Over%20New%20Juba%20Branch.htm

kenya commercial bank(kenyan owned) clashing with commercial bank of ethiopia(ethiopian owned) clashing with nile commercial bank(south sudanese owned private bank) in south sudan. instead of having some foreign bank from middle east or from wherever, we have several african owned banks as first financial institutions helping a new african nation develop. it speaks volumes that the first financial institutions in a soon to be a new country are African owned institutions. this right here is one of those stories that happen and remind you to never never ever give up on africa! slowly but surely africa is rising.

^^good post nairoberry. I agree.



CBE to open second Juba branch (http://www.capitalethiopia.com/index.php?option=com_content&view=article&id=12821:-cbe-to-open-second-juba-branch&catid=12:local-news&Itemid=4)


The state-owned Commercial Bank of Ethiopia (CBE) is eyeing its second subsidiary branch in Juba, the capital of South Sudan.
The bank opened the first, CBE-Southern Sudan Limited, in 2009 at a cost of 15 million dollars, which is Juba’s investment capital requirement for new banks.

The subsidiary that operates according to Sudanese regulations has registered an impressive profit that prompted CBE to consider another branch in Juba, a top official of the bank told Capital.
“The bank is now undertaking a feasibility study and it will submit its investment proposal to the Public Financial Enterprises Supervisory Agency (PFESA)”, the source said.

The profit obtained since the bank’s establishment is satisfactory, but it has to sustain itself and become strong in the business, according to the source.