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Ethiopia - Bank of Abyssinia and Zemen Bank to Merge
By Groum Abate
High level talks between the boards of the Bank of Abyssinia (BoA) and Zemen Bank about a merger have been going on for the last couple of weeks.
Sources told Capital that the two parties are in negotiations on how to implement the possible merger.
A senior banking official on conditions of anonymity told Capital that the deal could save both banks from failure.
According to this expert, the merger would create a boost to the human resource of the two banks and would solve the problem of shareholder dominance. The banks would also have the advantage of more capital, which is going to be very crucial when the banking sector is opened to foreign companies, added the expert.
Read Complete Story from Capital ...
I don’t know very much about these banks so could someone elaborate a little please. Are these banks private but follow the charters of the National Bank like in other countries? Are the deposits federally insured? If they are different banks wouldn’t the same people sitting on both boards be consider a conflict of interest? How did they get the funding to start the bank? Did they sell bonds? Are those bonds worthless now?
I know about abyssinia bank.what about the other bank ZEMEN i never heared of it befor.when did they estblish that. i am tinking of operating my own bank in addis ababa, hope fully 2010.My oneway ticket is confermed for DEC 29,2009 to depart from ATLATA TO ADDIS ABABA.
IT’S A BAD NEW FOR ME TO LEARN THAT NEW BANKS ARE COMEING IN ADDIS ABABA.
Ermias Amelga should be the C.E.O
The merger is not to save “both” banks as Zemen Bank is going strong and profitable. Both banks have much to gain from the potential merger, along with 350,000+ customers. Abyssinia customers would greatly benefit from Zemen Bank’s advanced technology and multi-channel banking that is advanced for East Africa.
Hey I will look 4u on dec 29 when u arrive in addis,in case u need a CFO I can work 4u when you open your bank.
Concerned Ethiopian (visitor)
Thank you for the info, it helps.
Zemen Bank - YouTube it.
You will be amazed how Mr Ermias Amalga is a smart guy. He is the first person to introduce telemarketing in Addis - offering shares to the public. Knows what a custmer service means and how he handles his share holders is so amazing. It’s so funny how he ended up naming his Bank Zemen. His first logo and name was rejected by some sort of Government office saying that the name already exist in Nigeria…..must see Youtube! Ermias is a clever and a well educated real Ethiopian.
A wise move for Abyssinia Bank.
Well, as expected, time for the big fish to eat the small one. We are here witnesing a a green shoot of capitalism - from zero (no private banks) to step one.
I don’t understand what’s going here. I just read the arrest of the Officials of Abysinia Bank.
Especially when I came accros the phrase “…solve the problem of shareholder dominance…” my suspicion.
What does “shareholder dominance” mean?
As far as I know the more share one holds the more power the one possesses. What other new phenoma has manifested here?
Did the alleged officials OPPOSE THE MERGE?
In the above news the following surprised me: “…A senior banking official on conditions of anonymity told Capital that the deal could save both banks from failure.”
Why did the official preferred to remain annonymous?
Well, this is the reason why TPLF arested Abysinia bank emoyees! Acusing them for $57m loss! Now it is obvious that the road is clear for EFFORT to smugle as much $ they want under Zemen bank! Sick, TPLF! We know your routine type of game blaming others. Actualy, you TPLF must go to jail life time for scaming, embezling. stealing ,.. The whole nation!
Let Ethiopia go free!!
Let TPLF go to jail !!
Zemend Bank is the previous Access Bank. It was started by the founder Ermias Amelga. The merger between Abyssinia , will compensate for the luck of Zemen’s luck services. As for the merger if it benefit the consumer the government should approve it. As the banking sector is still infant in Ethiopian and government inability to revolutionized the banking sector, there is no capital market/ secondary market to transact the purchase of Bonds to raise capital.
To adis zemen please tell me what CFO mean i never here it b4.
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