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List of
Central Banks Worldwide
The agreement that was reached in 1905 between
Emperor Minilik II and Mr.Ma Gillivray, representative of
the British owned National Bank of Egypt marked the
introduction of modern banking in Ethiopia. Following the
agreement, the first bank called Bank of Abysinia was
inaugurated in Feb.16, 1906 by the Emperor. The Bank was
totally managed by the Egyptian National Bank and the
following rights and concessions were agreed upon the
establishment of Bank of Abyssinia:-
The capital of the Bank was agreed to be Pound Sterling
500,000 and one-fifth was subscribed and the rest was to be
obtained by selling shares in some important cities such as
London, Paris and New York.
The Bank was given full rights to issue bank notes and
monitor coins which were to be legal tender and all the
profits there from a ruing to the bank and freely
exchangeable against gold and silver on cover by the Bank as
well as to establish silver coins and abolish the Maria
Theresa.
Land was given to the Bank free of harges and permitted to
build offices and warehouses.
Government and public funds were to be deposited with the
bank and all payments to be made by checks.
The government promised not to allow any bank to be
established in the country within the 50-year concession
period.
Within the first fifteen years of its operation, Bank of
Abysinia opened branches in different areas of the country.
In 1906 a branch in Harar (Eastern Ethiopia) was opened at
the same time of the inauguration of Bank of Abysinia in
Addis Ababa. Another at Dire Dawa was opened two years later
and at Gore in 1912 and at Dessie and Djibouti in 1920. Mac
Gillivray, the then representative and negotiator of Bank of
Egypt, was appointed to be the governor of the new bank and
he was suceeded by H Goldie, Miles Backhouse, and CS Collier
were in change from 1919 until the Bank’s liquidation in
1931.
The society at that time being new for the banking service,
Bank of Abysinia had faced difficulty of familiarizing the
public with it. It had also need to meet considerable cost
of installation and the costly journeys by its
administrative personnel. As a result, despite its
monopolistic position, the Bank earned no profit until 1914.
Profits were recorded in 1914, 1919, 1920 and from 1924
onwards.
Generally, in its short period of existence, Bank of
Abyssinia had been carrying out limited business such as
keeping government accounts, some export financing and
undertaking various tasks for the government. Moreover, the
Bank faced enormous pressure for being inefficient and
purely profit motivated and reached an agreement to abandon
its operation and be liquidated in order to disengage
banking from foreign control and to make the institution
responsible to Ethiopia’s credit needs. Thus by 1931 Bank of
Abyssinia was legally replaced by Bank of Ethiopia shortly
after Emperor Haile Selassie came to power.
The new Bank, Bank of Ethiopia, was a purely Ethiopian
institution and was the first indigenous bank in Africa and
established by an official decree on August 29, 1931 with
capital of £750,000. Bank of Egypt was willing to abandon
its on cessionary rights in return for a payment of Pound
Sterling 40,000 and the transfer of ownership took place
very smoothly and the offices and personnel of the Bank Of
Abyssinia including its manager, Mr. Collier, being retained
by the new Bank. Ethiopian government owned 60 percent of
the total shares of the Bank and all transactions were
subject to scrutiny by its Minister of Finance.
Bank of Ethiopia took over the commercial activities of the
Bank of Abysinia and was authorized to issue notes and
coins. The Bank with branches in Dire Dawa, Gore, Dessie,
Debre Tabor, Harar, agency in Gambella and a transit office
in Djibouti continued successfully until the Italian
invasion in 1935. During the invasion, the Italians
established branches of their main Banks namely Banca
d’Italia, Banco di Roma, Banco di Napoli and Banca Nazionale
del lavoro and started operation in the main towns of
Ethiopia. However, they all ceased operation soon after
liberation except Banco di Roma and Banco di Napoli which
remained in Asmara. In 1941 another foreign bank, Barclays
Bank, came to Ethiopia with the British troops and organized
banking services in Addis Ababa, until its withdrawal in
1943. Then on 15th April 1943, the State Bank of Ethiopia
commenced full operation after 8 months of preparatory
activities. It acted as the central Bank of Ethiopia and had
a power to issue bank notes and coins as the agent of the
Ministry of Finance. In 1945 and 1949 the Bank was granted
the sole right of issuing currency and deal in foreign
currency. The Bank also functioned as the principal
commercial bank in the country and engaged in all commercial
banking activities.
The State Bank of Ethiopia had established 21 branches
including a branch in Khartoum, Sudan and a transit office
on Djibouti until it eased to exist by bank proclamation
issued on December, 1963. Then the Ethiopian Monetary and
Banking law that came into force in 1963 separated the
function of commercial and central banking creating National
Bank of Ethiopia and commercial Bank of Ethiopia. Moreover
it allowed foreign banks to operate in Ethiopia limiting
their maximum ownership to be 49 percent while the remaining
balance should be owned by Ethiopians.
The National Bank of Ethiopia with more power and duties
started its operation in January 1964. Following the
incorporation as a share company on December 16, 1963 as per
proclamation No.207/1955 of October 1963, Commercial Bank of
Ethiopia took over the commercial banking activities of the
former State Bank of Ethiopia. It started operation on
January 1,1964 with a capital of Eth. Birr 20 million. In
the new Commercial Bank of Ethiopia, in contrast with the
former State Bank of Ethiopia, all employees were
Ethiopians.
There were two other banks in operation namely Banco di Roma
S. . and Ban o di Napoli S.C. that later reapplied for
license according to the new proclamation each having a
paidup capital of Eth. Birr 2 million.
The first privately owned bank, Addis Ababa Bank share
company, was established on Ethiopians initiative and
started operation in 1964 with a capital of 2 million in
association with National and Grindlay Bank, London which
had 40 percent of the total share. In 1968, the original
capital of the Bank rose to 5.0 million and until it ceased
operation, it had 300 staff at 26 branches.
There were other financial institutions operating in the
country like the Imperial Savings and Home Ownership public
Association (ISHOPA) which specialized in providing loans
for the construction of residential houses and to
individuals under the guarantee of their savings. There was
also the Saving and Mortgage Corporation of Ethiopia whose
aims and duties were to accept savings and trust deposits
account and provide loans for the construction, repair and
improvement of residential houses, commercial and industrial
buildings and carry out all activities related to mortgage
operations. On the other hand, there was a bank called
Agricultural Bank that provides loan for the agricultural
and other relevant projects established in 1945. But in 1951
the Investment Bank of Ethiopia replaced it. In 1965, the
name of the bank once again hanged to Ethiopian Investment
Corporation Share Company and the capital raised to Eth.
Birr 20 million, which was fully paid up. However,
proclamation No.55 of 1970 established the Agricultural and
Industrial Development Bank Share Company by taking over the
asset and liability of the former Development Bank and
Investment Corporation of Ethiopia.
Following the declaration of socialism in 1974 the
government extended its control over the whole economy and
nationalized all large corporations. Organizational setups
were taken in order to create stronger institutions by
merging those that perform similar functions. Accordingly,
the three private owned banks, Addis Ababa Bank, Banco di
Roma and Banco di Napoli Merged in 1976 to form the second
largest Bank in Ethiopia called Addis Bank with a capital of
Eth. birr 20 million and had a staff of 480 and 34 branches.
Before the merger, the foreign participation of these banks
was first nationalized in early 1975. Then Addis Bank and
Commercial Bank of Ethiopia S.C . were merged by
proclamation No.184 of August 2, 1980 to form the sole
commercial bank in the country till the establishment of
private commercial banks in 1994. The Commercial Bank of
Ethiopia commenced its operation with a capital of Birr 65
million, 128 branches and 3,633 employees. The Savings and
Mortgage Corporation S. . and Imperial Saving and Home
Ownership Public Association were also merged to form the
Housing and Saving Bank with working capital of Birr 6.0
million and all rights, privileges, assets and liabilities
were transferred by proclamation No.60, 1975 to the new
bank.
Proclamation No.99 of 1976 brought into existence the
Agricultural and Industrial Bank, which was formed in 1970
as a 100 percent state ownership, was brought under the
umbrella of the National Bank of Ethiopia. Then it was
reestablished by proclamation No. 158 of 1979 as a public
finance agency possessing judicial personality and named
Agricultural and Industrial Development Bank (AIDB). It was
entrusted with the financing of the economic development of
the agricultural, industrial and other sectors of the
national economy extending credits of medium and long-term
nature as well as short-term agricultural production loans.
The financial sector that the socialist oriented government
left behind constituted only 3 banks and each enjoying
monopoly in its respective market. The following was the
structure of the sector at the end of the era.
The National Bank of Ethiopia (NBE)
The Commercial Bank of Ethiopia (CBE)
Agricultural and Industrial Development Bank (AIDB)
Following the change in the economic policy, financial
sector reform also took place. Monetary and Banking
Proclamation of 1994 established the National Bank of
Ethiopia as a judicial entity, separated from the government
and outlined its main functions.
Monetary and Banking proclamation No.83/1994 and the
Licensing and Supervision of Banking Business No.84/1994
laid down the legal basis for investment in the banking
sector. Consequently shortly after the proclamation the
first private bank, Awash International Bank was established
in 1994 by 486 shareholders and by 1998 the authorized
capital of the Bank reached Birr 50.0 million. Dashen Bank
was established on September 20,1995 as a share company with
an authorized and subscribed capital of Birr 50.0 million.
Bank of Abysinia, another private bank was founded by 131
shareholders with subscribed and authorized capital of 25.0
million and 50 million, respectively. Wegagen Bank with an
authorized capital of Birr 60.0 million started operation in
1997. The fifth private bank, United Bank was established on
10th September 1998 by 335 shareholders and now has four
branches. The last bank to be established to date is Nib
International Bank that started operation on May 26, 1999
with an authorized capital of Birr 150.0 million.
On the other hand, modern forms of insurance service, which
were introduced in Ethiopia by Europeans, trace their origin
as far back as 1905 when the Bank of Abysinia began to
transact fire and marine insurance as an agent of a foreign
insurance company. According to a survey made in 1954, there
were 9 insurance companies that were providing insurance
service in the country. Except Imperial Insurance company
that was established in 1951, the rest of the insurance
companies were branches or agents of foreign companies. The
number of insurance companies increased significantly and
reached 33 in 1960. At that time insurance business like any
business undertaking was classified as trade and was
administered by the provisions of the commercial code. This
was the only legislation in force in respect of insurance
except the maritime code of Ethiopia that was issued to
govern the operations of maritime business and the related
marine insurance. The minimum paid-up capital required to
establish an insurance company was as little as 12,500
Ethiopian dollars as stipulated in the commercial code.
There was no restriction on foreign insurers.
The first remarkable event that the Ethiopian insurance
market witnessed was the promulgation of proclamation No.
281/1970. This proclamation was issued to provide for the
control & regulation of insurance business in Ethiopia. It
is peculiar in that it created an Insurance Council and an
Insurance Controller's Office.
The controller of insurance licensed 15 domestic insurance
companies, 36 agents, 7 brokers, 3 actuaries & 11 assessors
in accordance with the provisions of the proclamation
immediately in the year after the issuance of the law.
The law required an insurer to be a domestic company whose
share capital (fully subscribed) to be not less than
Ethiopian dollars 400,000 for a general insurance business
and Ethiopian dollars 600,000 in the case of long-term
insurance business and Ethiopian dollars 1,000,000 to do
both long-term & general insurance business. Non-Ethiopian
nationals were not barred from participating in insurance
business. However, the proclamation defined 'domestic
company' as a share company having its head office in
Ethiopia and in the case of a company transacting a general
insurance business at least 51% and in the case of a company
transacting life insurance business, at least 30% of the
paid-up capital must be held by Ethiopian nationals or
national companies.
Four years after the enactment of the proclamation, the
military government that came to power in 1974 put an end to
all private enterprenurship. Then all insurance companies
operating were nationalized and from January 1, 1975 onwards
the government took over the ownership and control of these
companies & merged them into a single unit called Ethiopian
Insurance Corporation. In the years following
nationalization, Ethiopian Insurance Corporation be came the
sole operator.
Following the hange in the political environment in 1991,
the proclamation for the licensing and supervision of
insurance business heralded the beginning of a new era.
Immediately after the enactment of the proclamation private
insurance companies began to flourish. Presently there are 9
private insurance companies in operation. National Bank of
Ethiopia has authorized 11 insurance broking firms, 510
insurance agents and 7 loss assessors until July 2000.
List of
Offshore Bank
Here are some of the common famous Offshore Zones :
Switzerland, Austria, Latvia, Liechtenstein, Cyprus, Bahamas,
Cayman Islands, Belize, Costa Rica, Panama, Dominica, British
Virgin Islands, Isle of Man, Cyprus, Mauritius, Singapore,
Hong Kong, and Cook Islands. These places are notoriously
called ' Tax havens of the World ' because they offer
significant tax benefits like no income taxes, no estate
taxes, no capital gains, excellent interest rates for
investments, direct access to stock markets. Switzerland is
the undisputed leader in offshore.
Nevertheless, privacy is a biggest attraction in these 'Tax
Free Zones' of the world.
We make offshore bank account setup easy:
Just a copy of your passport "legalized" or ID required.
Bank of
Albania - Bank of Algeria -
Bank of Argentina -
Bank of Armenia -
Bank of Aruba -
Bank of Australia -
Bank of Austrian -
Bank of Azerbaijan -
Bank of Bahamas -
Bank of Bahrain -
Bank of Bangladesh -
Bank of Barbados -
Bank of Belarus -
Bank of Belgium -
Bank of Belize -
Bank of Bermuda -
Bank of Bhutan -
Bank of Benin -
Bank of Bolivia -
Bank of Bosnia -
Bank of Botswana -
Bank of Brazil -
Bank of Bulgaria -
Bank of Burkina Faso -
Bank of Cameroon -
Bank of Canada -
Bank of Cayman Islands -
Bank of Central
African Republic - Bank of Chad -
Bank of Chile -
Bank of China -
Bank of Colombia -
Bank of Congo
-Bank of Costa Rica -
Bank of Côte d'Ivoire -
Bank of Croatia -
Bank of Cuba -
Bank of Cyprus -
Bank of Czech Republic -
Denmark -
Bank of Dominican Republic -
East
Caribbean area - Ecuador -
Egypt -
El Salvador -
Equatorial
Guinea - Estonia -
Ethiopia -
European Union -
Fiji -
Finland -
France -
Gabon -
Georgia -
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