The CEO of Ethiopian Insurance Company, Yewondwossen Itefa, has been approved by the National Bank of Ethiopia to head the newly established Ethiopian Reinsurance SC (Ethiopia Re).
The latest decision made by the Commercial Bank of Ethiopia (CBE) to approve requests of Letter of Credit (LC) worth more than two billion dollars has drenched private commercial banks of their liquidity as customers rushed to withdraw their local currency deposits from other commercial banks to take advantage of the hard currency bonanza at the CBE.
Starwood Hotels & Resorts Worldwide, Inc. as part of its aggressive expansion plan in Africa which aims at increasing its market penetration across the region, has signed an agreement with Alemgenet Trade and Industry PLC to open Four Points by Sheraton in Addis Ababa. Four Points by Sheraton – a mid-scale brand – spearheads Starwood’s growth in the mid-market segment in Africa.
Recently, a group of journalists were commissioned by the Government Communications Affairs Office to visit drought affect areas in the four regions of the country: Oromia, Southern, Amhara and Tigray.
The National Bank of Ethiopia (NBE), regulator of the Ethiopian financial sector, has issued another directive this week targeting corporate governance in the insurance sector in a directive that is an exact replica of the same directive that NBE issued last week to another member of the financial sector—banking sector.