United Bank S.C. delivered a commendable performance in terms of yielding good operational and financial results as well as in laying the foundation for greater growth opportunities in the years to come. This was disclosed, during the 20th Annual General Meeting of Shareholders of the Bank held at the Addis Abeba Hilton Hotel on October 25, 2018.

 

Speaking on the occasion, Ato Zafu Eyessuswork Zafu, Chairman of the Board of Directors of the Bank noted, during the period the aggregate deposits of the Bank rose by 29.63% to reach Birr 23.08 billion. Total outstanding balance of loans and advances also recorded an increase of 24.53% over the previous year. According to the chairperson, the performance comparison with private banks competitors in this regard showed that United Bank is placed a fair fourth.

 

During the FY 2017/18 the Bank’s operating gross profit before tax and after provisions increased by 42.81% from that of the previous year to reach Birr 706.98 million. Meanwhile, he noted with the opening of 22 new branches during the course of the year, the branch network of United Bank as of 30 June 2018 had reached 229.

 

Ato Zafu also mentioned in the period, the Bank finalized a consultancy agreement with Deloitte Consulting Ltd., the largest among the big 4 International consulting firms, to design a long term strategic road map. According to him, the partnership is aimed at enabling the Bank to be one of the top 5 private Banks in East Africa by 2030.

 

The meeting that followed the key-note address dwelt on a number of issues pursuant to the Bank’s financial and operational performance during the reporting period, as well as on matters regarding the appropriation of profits, remuneration of Board of Directors, payment of service rendered by External Auditors et al.

 

The shareholders also made a vote for the appointment of 6 Board of Directors in place of Directors whose tenure has ended. The 20th Annual General Meeting reached its conclusion with a declaration of dividend of Birr 403.88 million to be paid on fully paid shares. 

 

Meanwhile, on the 10th Extraordinary General Meeting of Shareholders the Board submitted a proposal to increase the paid up capital of the Bank to Birr 5 billion. Accordingly, an exchange of diverging views was made among shareholders before voting to increase the capital as proposed.

 

  

About United Bank SC

 

United Bank is a share company that stands among the few prominent private Banks in Ethiopia, operating all over the country, with various service channels that include branches, sub-branches, agents, ATMs (Automatic Teller Machines), PoS (Point of Sales) machines, internet services and mobile banking. United Bank provides an array of banking services that include: conventional, interest free and multi-Channel banking products. The Total Assets of the Bank as at 30 June 2018 reached 28.03 billion.

 

United Bank has created jobs for many Ethiopians in the past eighteen years, supporting more than 3,726 jobs in fiscal year 2017/18 alone.

       
United Bank partners with WorldRemit for instant money transfers to Ethiopia
The Ethiopian diaspora can now send money securely to hundreds of new cash pickup locations across the country
Addis Ababa and London, 12 July 2018: Leading digital money transfer service WorldRemit has partnered with United Bank to allow customers to send instant money transfers to 214 cash pickup locations across Ethiopia.
To find out your nearest cash pickup location, click here.
The new partnership allows Ethiopians living in over 50 countries - including the United States, the United Kingdom, Australia and Canada - to send money home instantly, using WorldRemit’s mobile app and website.
Remittances play an important role in Ethiopia’s economy. However, the majority of its remittance flows are still going through informal, unregulated channels. Some estimates suggest that Ethiopia may have received over $3 billion in remittances in 2015, accounting for over 7% of its GDP.
Andrew Stewart, Regional Director of Africa and the Middle East at WorldRemit, comments: “We are delighted to be partnering with United Bank, one of the leading banks in the country. Our partnership will give the two million-strong Ethiopian diaspora more choice and additional pickup locations across Ethiopia to make sending money back home as easy as sending an instant message.”
“The partnership with United Bank will further support Ethiopia’s transition from offline remittances to online, safer, faster and lower-cost money transfer methods.”
Visit the WorldRemit website for more information on how to send money to Ethiopia.
# # #
WorldRemit
United Bank :- This email address is being protected from spambots. You need JavaScript enabled to view it.
WorldRemit Ethiopia Partnerships Contact
Elfagid Woldegiorgis Head of Business Development & Operations Ethiopia This email address is being protected from spambots. You need JavaScript enabled to view it.

About WorldRemit

WorldRemit is changing the way people send money.
It’s easy – just open the app or visit the website – no more agents.
  • Transfers to most countries are instant – send money like an instant message.
  • More ways to receive (Mobile Money, bank transfer, cash pickup, and mobile airtime top-up).
  • Available in over 50 countries and more than 145+ destinations.
  • Backed by Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.
WorldRemit’s global headquarters are in London, UK with offices in the United States, Canada, South Africa, Singapore, the Philippines, Japan, Australia and New Zealand.

About United Bank

United Bank is a share company that stands among the few prominent private Banks in Ethiopia, operating all over the country with various service channels that include branches, sub-branches, agents, ATMs, POS machines, internet services and mobile banking. United Bank provides an array of banking services that include: conventional, interest free and multi-Channel banking products and services.
The Bank has a distinguished track record in instituting the foundation of convenient banking experience to its customers; adapting itself with the ever changing world of technology, and pioneering in IT backed modern banking services. The Bank has been at the forefront of modern banking in the country, introducing technology based new delivery channels such as internet banking and SMS banking.
 

 

 

United Bank is delighted to announce a strategic partnership agreement with Deloitte Consulting Ltd. to design a long term strategic road map for the Bank.

The agreement signing took place on April 14, 2018 at the bank’s boardroom located inside the BANK’S HEAD OFFICE at MEKWOR PLAZA BUILDING on SIERRA LEONE STREET (DEBEREZEIT ROAD).

During the event, it was told that United Bank and Deloitte Consulting Ltd. have recently concluded an agreement to commence on the Bank’s “Strategy 2030” plan. This partnership will seek to help the bank craft its 12 year strategy centered on people, processes and technology.

The Bank has covered considerable ground in its negotiations with different international consultants before finally landing the deal with Deloitte Consulting Ltd.’s management. Accordingly, it was told the bid process that closed in January 2018 has had multiple local and international consulting firms competing. The Technical evaluations progressed through January and February 2018 with representatives from United Bank carrying out due diligence, which included visits to the referenced clients of the bidding firms. The Bank decided to award Deloitte Consulting Ltd. with the project taking into account their global reach, technical ability, and the breadth of the banking strategy experience. Meanwhile, it was told one of the bidding firms - KPMG’s Management Consulting has forfeited the bid bond amount that it had issued as part of the bidding process failing to keep its side of the negotiation terms and conditions.

Deloitte, the largest of the Big 4 international consulting firms, headquartered in New York, closed the financial year with revenues of USD 39bn, beating out the nearest rival by USD 1bn. With an employee base of 263,900 globally, and almost 1,000 in East Africa, they are well positioned to assist the bank in this transition. The project team is expected to hit the ground running to deliver this project with a cross functional team from the East African region.

Speaking at the signing of the agreement, Rodger George, Advisory Leader of Deloitte East Africa said that “
” Ethiopia Desk and Technology Advisory Partner Amaha Bekele, also added, “Deloitte’s appointment following a rigorous evaluation process is a testament to our
continued commitment to excellent client delivery in the Ethiopian market.”

United Bank is a share company that stands among the few prominent private Banks in Ethiopia, operating all over the country with more than 230 branches and various service channels that include Agent Banking, ATMs, POS, Internet banking and Mobile banking services. United Bank provides an array of banking services that include: conventional, interest free and multi-Channel banking products.

Deloitte looks forward to delivering a remarkably flexible and collaborative consulting experience
that will set up United Bank for success.

“-more-“
United Bank has a distinguished track record in instituting the foundation of convenient banking experience to its customers; adapting itself with the ever changing world of technology, and pioneering in IT backed modern banking services. The Bank has been at the forefront of modern banking in the country, introducing technology based new delivery channels such as internet banking and SMS banking.

 

 

 

 

 

 

 

 

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United Bank signed a Memorandum of Understanding (MOU) with PICK PICK Plc to start a new form of agent banking service to students enrolled inside 10 government owned universities. The service which will be rendered under the brand name of “HIBIR TEMARI” inside kiosk shops built in the selected university campuses will combine mobile banking and agent banking services enhanced by the state-of-the-art technological support. The Services to be delivered in Hibir Temari among others will include: M-Wallet account opening, money send/receive services and checking out remaining balance. The services rendering of Hibir Temari will be extended to other government Universities in the offing.

 Representing the Bank at the signing was, Ato Taye Dibekulu, the President of United Bank and representing PICK PICK Plc was W/o Tigist Atnafu, General Manager of the company. The MoU was signed today on the 07th of April 2017 inside the Board room of the Bank.

 

About United Bank

United Bank is a share company that stands among the few prominent private Banks in Ethiopia, operating all over the country with various service Multi channels that include branches, sub-branches, agents, ATMs, POS machines, internet services and mobile banking. United Bank provides an array of banking services that include: conventional, interest free and multi-Channel banking products. 

United Bank has a distinguished track record in instituting the foundation of convenient banking experience to its customers; adapting itself with the ever changing world of technology, and pioneering in IT backed modern banking services. The Bank has been at the forefront of modern banking in the country, introducing technology based new delivery channels such as internet banking and SMS banking

 

 

The Annual Staff Day celebration of United Bank S.C. for FY 2016/17 took place at the Addis Abeba Golf Club on February 4, 2017.

The event was opened with a key-note address made by the Bank’s president Ato Taye Dibekulu who began his address noting that it evokes a pleasant feeling to observe the sight of the employees of the Bank in such a great number. Continuing with his address Ato Taye talked about on the achievements made by the Bank that entails among others: a rise in the number of branches in a notable size as well as a boost in deposits and loans, during the 2015/16 fiscal period.

The President also accentuated on the endeavors made by the Bank during the budget year towards the betterment of its employees. Accordingly, he recalled the Bank during the period made a three steps salary increment and a 2 months bonus for its employees. He also noted United Bank paid back its employees an assured sum amount of more than 7 million on a matured endowment policy of 10 years payment tenure for 394 employees. The president also emphasized the Bank has endeavored to boost the capacities of its employees via different tailored trainings and Human Resource development programs.

In his address Ato Taye recalled the 2015/16 Annual Management Meeting’s theme held at Adama - “Excellence in Customer Service”- and noted the rationale behind the theme reflects the spirit that should abide us in our endeavor to come out triumphant surfing through all  the challenges that are ever growing in intensity and size.

Concluding his address, he passed his appreciation for 25 employees who made valuable contributions on the Bank’s deposit mobilization effort managing to mobilize more than Birr 100,000 over a period of 6 months in different branches. Similarly, a prize of Birr 5,000.00 and a certificate was extended for 3 employees who have made an outstanding individual contribution in the deposit mobilization effort of their respective branches. Accordingly, Ato Zafu Eyesuswork Zafu - Chairman, Board of Directors, handed over the prizes for the succeeders.

The event featured different entertaining packages including musical entertainment and lot drawing. Consequently, Winners in the lot drawing received prizes from the Assistant Board Chairman of the Board of Directors of the Bank, Ato Getamessay Degefu.  

The Annual Staff Day for the 2016/17 was dignified by the presence of the Board of Directors of the Bank and employees of more than 82 branches found in Addis Abeba.