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Ethiopia’s United Bank is set to open its first branch in the capital city of Southern Sudan, Juba. The bank will be the first Ethiopian private bank to enter the newest country in Africa.

A branch in the new oil rich nation is expected to be significantly lucrative for the bank according to officials.

United is also planning to open branches in other African countries in its bid to become a competitive financial institute on the continent said Berhanu Getaneh, President of the Bank.

The Commercial Bank of Ethiopia announced reaching a 300 million US dollar credit arrangement with the Export-Import Bank of China. The money is to be used at the bank’s discretion said Yishak Mengesha, Chief Business Development Officer.

The details of the loan including interest rates are to be negotiated in the future according to Yishak.

Ethiopian Banker, Admassu Y. Tadesse has been appointed as the 4th president of the Preferential Trade Area Bank of the COMESA. The PTA board of directors appointed the banker from Ethiopia on the 10th of January.

The PTA (The Eastern and Southern African Trade & Development Bank) board was chaired by Willard Manug and made up of seven members.

Admassu Y. Tadesse was elected from a pool of 120 candidates from 15 countries including Ethiopian Dr. Mulu Ketsela according to sources.

The Ethiopian Bankers Association (EBA) elected Addisu Habba, as its new president, The Reporter reported.

The General Assembly meeting of the Association held last Thursday elected Addisu, current president of Abyssinia Bank, following the resignation of the Association's and United Bank's previous president Berhanu Getaneh.

Premier Switch Solutions SC, a consortium of three private banks in Ethiopia, is ready to introduce electronic banking options through the use of 60 Automatic Teller Machines and 300 Point of Sale Machines.

The new scheme will allow customers of all three banks involved to make use of the electronic banking options as of the beginning of the next Ethiopian fiscal year.

Premier Switch will increase the number of ATM and POS machines in the coming year said Tsehay Shiferaw, Chief Executive of Awash International Bank, one of the stakeholders in the consortium.