[Feb 2017] Awash International Bank (AIB) Latest Ethiopian News - AddisBiz.Com | Ethiopian Business Guide
In its 22 years of operations, Awash International Bank Share Company has become the first private bank in Ethiopia to surpass the one billion birr mark to register a little over one billion birr gross profit in the just ended fiscal year also becoming the most profitable private bank in Ethiopia.
Awash is the first among the private banking...
Awash 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...
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...
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...
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...