Zemen Bank expands its network with over 75 Dutch businesses operating in Ethiopia, signing an associate membership agreement with their lobby group last week.
According to Asrat Tadesse, from Zemen Bank, the partnership is expected to prop Ethiopian Netherlands Business Association members with innovative financial products while expanding the reach of the institution. He noted Zemen’s successful alliances with both domestic and international companies in horticulture, agriculture, and manufacturing sectors.
Founded in 2013 under the auspices of the Dutch Embassy, the Association represents over 75 Dutch businesses operating in Ethiopia, including 17 flower exporters.
The agreement was signed with Hayo Hamster, board chairman of the Association, at the Bank’s headquarters on Ras Abebe Aregay St. Zemen Bank has solidified its presence in the financial industry since 2008 with strong performance. During the 2022/23 fiscal year, the Bank’s capital and non-distributable reserves increased by 37.4pc to 7.13 billion Br, while its profit grew by 22.3pc to 1.81 billion Br. Zemen’s loan and deposit portfolios have also expanded with total loans and advances reaching 31.39 billion Br, representing a growth of 48.6pc, while total deposits increased by 38pc to 37 billion Br.
