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With a vision to be one of East Africa’s top ten private banks by 2025, Awash International Bank S.C. (AIB) signed a partnership agreement with the global financial services firm KPMG to craft a holistic transformation strategy for the bank titled “Transforming AIB: Vision 2025.”
The partnership, which will last one year, was signed between Tsehay Shiferaw, President of Awash Bank, and David Leahy, Director of KPMG East Africa Limited, on June 25.
KPMG, one of the largest financial advisory providers in the world, will conduct a study to identify key potential areas for growth, in order to meet AIB’s 2025 vision.
The collaboration is expected to transform AIB’s operating model, focusing particularly on human resource management and information technology infrastructure.
The transformation plan seeks to enhance customer service and shareholder value, while contributing to the national economy through proper mobilization of local finances.
Awash Bank President Tsehay Shiferaw said that the partnership will prompt a dramatic shift in customer expectations and improve the technological capabilities of the bank. The transformation will also prepare Awash for future regulatory requirements, changing demographics and stiffer competition from foreign banks.
“We intend on being the top bank in Ethiopia, as well as in East Africa, and our staff is committed to that vision. We need to continue to work together to meet our expectations,” he said.
David Leahy also said that KPMG will share its experiences in global banking with AIB. Leahy is confident that AIB will benefit from adopting tried-and-tested international banking practices.
“We know that Awash is one of the most successful private banks in Ethiopia. We are going to study their current practices and share our expertise to allow the bank to operate according to the highest international standards.”
Awash International Bank S.C. was established in 1994 with 486 founding shareholders and a paid-up capital of 24.2 million birr.
Today, the bank operates a capital of over 1.4 billion birr and plans to raise its capital to three billion birr in the coming three years.