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NRIOL.COM - Snippets |
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August 18, 2001
Ethiopia's biggest bank to get Indian management
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The State Bank of India (SBI) will take over the management of the
Commercial Bank of Ethiopia (CBE) later this year according to the BBC World
Service. The Commercial Bank of Ethiopia is that countries largest bank.
A preliminary agreement had been signed with State Bank of India and the
Ethiopian bank. SBI was awarded the contract after beating 12 other
international banks competing for the management contract.
SBI will manage the CBE for an initial period of three years for a fee of
$2.5m.
- nriol.com report
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