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[Oct 2017] Awash International Bank (AIB) Latest Ethiopian News AddisBiz.com | Ethiopian Business Directory & Portal - Addis Biz

Awash Bank Earns 1.44 Billion Birr Profit for 2017 / 2016 fiscal year

Awash Bank, the first private bank that commenced business after the Ethiopian Peoples’ Democratic Front (EPRDF) came to power, has earned a little over 1.4 billion birr gross profit holding its lead among private banks in Ethiopia.

Last year, the bank took the lead from Dashen Bank by surpassing the one billion birr mark. According to sources, the bank has managed to make a gross profit of 1,444,038 birr before tax in the 2016/2017 fiscal year.

This year’s profit is 439.4 million birr more than last

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Awash Awards Moti, CBM, S2M and SS to Jointly Supply ATMs & PoS

Awash International Bank ATM ETH SwitchAwash International Bank S.C. has awarded four companies 68 million Br worth of contracts for the supply of 150 Automated Teller Machines (ATMs) and 600 Point of Sales (PoS) machines.

The ATMs will be worth 63.5 million Br and the PoS 4.5 million Br.

CBM Integrates Plc and Moti Engineering will supply the ATMs while SS

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Awash Bank Now Accommodates Visa Card Holders

Awash International Bank started receiving Visa card in addition to its existing services of MasterCard which was started one year ago.

The Bank started the process to accommodate Visa after becoming a member of Visa Multinational Financial Service Corporation two years ago. Awash’s third party payment processer, Premier Switch Solutions S.C. (PSS), was also required to be certified under the new Visa standard for Payment Card Industry Data Security Standard PCI DSS, an information security standard to prevent credit card fraud and

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Mass Suspension at Cooperative Bank of Oromia (CBO)

What might be an industry-wide forex and letters of credit malpractice in the country’s financial sector, as well as tardiness to respond to warning letters from the central bank has cost the Cooperative Bank of Oromia (CBO) S.C. its highest brass. Its chairman of the Board of Directors and top executives were suspended last week en masse, and are now under probe by auditors from the National Bank of Ethiopia (NBE).

Auditors are now investigating gaps in reporting the utilisation of foreign currencies, with a discrepancy showing

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Awash International Bank Hires KPMG

Awash International Bank hired KPMG Advisory Services to help it become among the top 10 banks in Eastern Africa within the next ten years.

Awash Bank’s President, Tsehay Shiferaw, and David Leahy, director of KPMG East Africa Limited, signed the agreement on June 25, 2015 at Hilton Hotel, in the presence of Board members of the bank and other representatives of KPMG.

KPMG, a Swiss firm providing audit, advisory and tax services, had to compete with other international firms for the job. Among these were US based Grant

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