Nib Bank S.C., one of the private banks in Ethiopia, has signed an agreement with KPMG East Africa Limited for the designing and formulation of management strategy of the bank. The agreement is said to be worth between 20 to 25 million Birr.

KPMG will have to deliver to Nib, 5-year strategic plan, 10-year strategic roadmap and organizational restructuring. The entire report is scheduled to be delivered in 12 months time.

Commenting on the development, the bank’s president, Kibiru Fonja, said, “We expect KPMG to upgrade our standard to be the leading bank in the nation”. “KPMG will not fully design a strategic plan, rather consult us with the best global experience, and we will develop our strategy.”

Speaking on his part KMPG East Africa Director, David Leahy, said: “We will provide best practice helping Nib be competent in the banking industry.”

It was a year bank that Nib floated a tender for the consultancy job. The tender attracted 23 firms who bought the bid document. However, it was only 8 companies that submitted their proposal.

Source: Fortune