The government of Ethiopia has decided to merge Commercial Bank of Ethiopia (CBE) and Construction and Business Bank (CBB), according to Fana Broadcasting Corporate.
Dr. Sintayehu Woldemichael, Director General of Public Financial Enterprises Agency (PFEA), told journalists on December 22, 2015, that the decision was made because the two banks are engaged in similar activities.
The decision is also expected to create a strong bank that will help boost Ethiopia’s economic growth, according to the Director.
He also noted that the new bank will function under the name Commercial Bank of Ethiopia and it will begin operation soon.
Dr. Sintayehu further stated the merger will not affect employees and clients of both banks.
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