Abyssinia Bank concluded a partnership agreement with Deloitte Consulting for consultation on its Five-Year Strategic Plan and organizational transformation scheme, according to Capital.

The agreement intends to reform the bank’s business model and adopt standards consistent with the changing global banking community by devising a Five-Year Strategic Plan and organizational transformation project.

“The external environment in the country itself is changing, following trends in the global financial system - an aggressively changing business field with enhanced financial inclusion and increased integration of modern technology among other factors. With this outlook, the banking sector in Ethiopia has to adjust itself according to the changing global and local environments in order compete with other global operators,” said Mulugeta Asmare, President of the Abyssinia.

Deloitte’s survey suggests that after the entry of foreign banks, funding, lending, savings and investment patterns are expected to change. Thus, local banks need to prepare themselves ahead of time and design strategies that will help them compete with international financial firms.

Abyssinia Bank was established in 1996 and its asset reached 12.43 billion Birr in March 2015 with a total capital of 1.69 billion Birr.

Source: Capital