A decision has been made for the merger of the Commercial Bank of Ethiopia (CBE) and the Construction and Business Bank (CBB).

The decision was made as both banks are engaged in similar activities, Dr Sintayehu Woldemichael, Director General of Public Financial Enterprises Agency (PFEA), told journalists Yesterday.

It is also aimed at creating a strong bank that has a strong contribution to the country’s economic growth, he added.

The two banks will be combined under the Commercial Bank of Ethiopia name and the new bank will commence operation soon, he said.

There won’t be a financial institution to be called Construction and Business Bank (CBB) after the merger.

According to Dr Sintayehu, the merger of the two banks has no negative impact on employees and clients of both banks.

He said the merger is not due to a failure of the Construction and Business Bank (CBB). The bank opened 120 branches during the past 40 years.

 

Source: FBC

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