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Promises new banking services
Enat Bank SC is to open its doors with novel financial services on Tuesday, starting with two branches in Addis Ababa. The new private bank has announced that it will commence operations on March 5, 2013 with new services, new loan opportunities and options for the market, particularly focusing on supporting female entrepreneurs.
Fasika Kebede, President of Enat Bank, informed Capital that the new bank’s services will especially concentrate on the provision of loans for start up companies and on ways to boost savings accounts and other banking services. “We plan to encourage and advise our future depositors to exercise proper financial planning and to focus on savings,” said Fasika, adding that customers would be apprised of the types of services the bank will provide them. The president also explained that loans would be extended to those who are just starting out to form businesses since it is difficult for them to acquire the finances they require from major financial institutions, and will also offer advisory services regarding the direction of their future investments.
According to the statement of the bank, which will be the 16th private bank of the country, it is scheduled to commence operations by opening two branches.
However, the bank noted that it will focus first on deposit mobilization in the initial phase of its operation.
Enat, which was the brain child of eleven women, will be the last bank to open its offices before the directive, which stipulates banks under formation should have at least 500 million birr in paid up capital to start banking operations, takes effect.
However, under the new directive, it will still be obliged to achieve the target set in the directive by June 30, 2016.
The location of the first branch is in front of Yordanos Hotel and is also the Headquarters (HQ) of the bank. The other will be situated around the Bole Medhane Alem area.
According to the bank, the HQ will be named after Empress Itege Taitu, the influential wife of Emperor Menelik II, The Bole Medhane Alem branch will be named after the legendary Queen Sheba.
The bank also plans to open a third branch that will be located in the Senga Tera area and is expected to be named after the renowned philanthropist Abebech Gobena.
The 11 Board of Directors approved by National Bank of Ethiopia, which is a regulatory body of financial institution, includes Meaza Ashenafi, a renowned women’s rights advocate and one of the founders of the Ethiopian Women Lawyers Association (EWLA), Aster Solomon and Nigist Haile.
Other members include (Dr) Assefa Bekele, Chanyalew Yilma, former president of the Bank of Abyssinia, Nigatu Tesfaye, Nestanet Mengistu, Dr Kassahun Aberu, Mekete Shiferaw, Hana Tilahun and prominent veteran diplomat Ambassador Konjit Sine Giorgis. Meaza is the first Board chairperson and Chanyalew is her deputy.
The Bank currently has a subscribed capital of 260 million birr and a paid up capital of 120 million birr, with its shareholders numbering about 7,200. When operational, it will become the 19th bank to operate in the country and the 16th private bank.