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Theft from the very people assigned to protect it has led the Commercial Bank of Ethiopia (CBE) to change their Security Company.
Commercial Nominees PLC (CN) took over the security service of the Commercial Bank of Ethiopia despite some in management being apprehensive over outsourcing their security after a major robbery. The first company, privately owned Dejen Protection and Personnel Service Plc (DPPS), was relieved of its duties after the bank was raided by their very own security personnel, Capital learnt.
The security personnel assigned to guard CBE robbed the bank’s branch around Hilton in the middle of the night and they attempted to rob another branch around Gotera a month later. The two incidents triggered the security service administration reshuffle according to a source in the bank. It was reported that the bank lost 4.1 million birr from its Andinet Branch.
CN was established in 1965 by two state owned banks, CBE and Construction and Business Bank, CBE being the major shareholder. It is engaged in the provision of share dealing, pension benefit payment, provident fund administration, salary payment service, real estate/property administration, insurance agency, money transfer, tax and bill collection, and compensation services. It has 27 branches throughout the country of which 21 are in Addis Ababa.
DPPS is a company which is formed to provide security and cleaning services. It was established in 1997 to provide modern security service to organizations with more than 50 employees. The company is operational all over the country. It has six regional offices in the major capital cities of regional states. It has more than six thousand employees all over the country. The company has two sister companies; Goh Textile and Leather Products Plc and Express Logistic and Consulting Company.
CBE earned a record high profit in the just concluded Ethiopian budget year. It has cashed in 7.9 billion birr gross profit in the 2011/12 budget year. This is almost double of what it had made as gross profit in the 2010/11 budget year; more than 4.2 billion birr.
The bank has more than 525 branches. This makes the financial giant one of the most accessible banks in the country. CBE has total assets worth more than 114.2 billion birr, 6.2 billion birr capital and reserve, and 10,753 employees.