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The Establishment of Dashen Bank
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The new economic policy introduced in November,
1991 caused the culmination of the command economic
heralding the establishment of a market oriented
one. This policy change created an opportunity and
a conducive environment for the emergence of
private financial institutions aimed at the
bringing a meaningful economic role in the
development efforts of the country. Dashen Bank was
established as per the intent of the new policy and
the Ethiopian investment code. It came into
existence on September 20,1995 according to the commercial
code of Ethiopia, 1960, and the licensing and supervision of
banking business
proclamation No. 84/1994. The first
founding members were 11 businessmen and
professional that agreed to combine their financial
resources and expertise to form this new private
bank. The rationale
behind its name, "Dashen Bank" "Ras Dashen" is
the highest mountain of Ethiopia. It is also the
habitat of rare wild animals; the Wali Ibex, the
Gelada Baboon, and the Lammergeyer - the beautiful
bone breaker eagle. These unique characteristics of
the mountain coincided with the interest of the
founders of the Bank and prompted them to adopt
this great name and epitomize their aspiration.
Rightly, reaching the top of banking business in
dynamic and competitive business environment
symbolized the highest peak, while the unique and
efficient services the bank caters for the public
through state -of-the-art computer technology and
carefully selected and trained man-power equated
with the rare wild animals. Today, indeed,
reliability, efficiency and modernity are the
hallmark and the bank's distinguishing features
which make them synonymous with Dashen Bank as much
as the rare animals are synonymous with Ras-Dashen
Mountain. The Business
Purpose of the Bank The
business
purpose of the banks as enshrined in its basic
documents is to render commercial banking
activities both at the domestic and international
spheres.
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