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Who are we? : Wegagen Bank is a private bank established as a share company and started operation on June 11, 1997. Vision : “Becoming the most preferred Bank in Ethiopia”. Mission : “To provide a wide range of quality banking services through a dynamic workforce and up-to-date IT solutions to satisfy the desires of all stakeholders”. Head Office : The Bank operates through the Head Office located in Addis Ababa inside Dembel City Center on Africa Avenue (Bole Road). A suitable design has been selected for its future headquarters in the city’s heart, (Stadium area), and tender for construction shall float soon. Branches : Currently the Bank has a network of 47 branches, out of which 21 are in Addis Ababa and the remaining 26 are spread across major towns in the country. The Bank has also a forex office inside Bole International Airport terminal (Annex III). Deposits : Total deposits of the Bank reached 3.7 billion as at March 31, 2009. Loans and : Currently, the amounts of loans channeled into the Advances economy kept on growing and reached Birr 2.4 billion. Capital : As at March 31, 2009 the Bank’s paid-up capital reached Birr 509 million (Birr 646.9 million, including legal reserve). Shareholders : The total number of shareholders kept on growing and reached 1,200. Asset : Total Asset of the Bank stood at Birr 5.3 billion as at March 31, 2009. Profit : A net profit before tax of Birr 190 million was registered in FY 2007/08 (according to audited financial report). Management : The Bank is supervised by the Board of Directors, which consists of a Chairman, a Vice Chairman and seven other members. The Management is entrusted to the President/CEO. The President/CEO oversees two Vice Presidents, the Controller, Legal Department, Risk Management Department and IS Department. There are Seven Department Managers who also report to the two Vice Presidents. Staff : The Bank’s staff strength reached 1,672 as at March 31, 2009. Customers : The number of customers that maintain their account with the Bank grew to over 168,000. Technology : An integrated computerized banking system, the first of its kind in Ethiopia, has been implemented and Head Office, city and some outlying branches are networked. The rest of outlying branches are being connected phase by phase. Implementation of card payment system is underway. Product Range : The Bank offers full-fledged domestic banking services: mobilizing deposits, providing varieties of credit facilities, local transfer services; and international banking services: import-export services, conducting foreign exchange facilities and international money transfer services. Correspondent : The Bank works with numerous correspondents In Detail 1. General Information 1.1 Establishment Wegagen Bank, S.C. is a privately owned company that was established as a result of the country’s New Economic Policy and Institutional Reform Program that began in the middle of 1991. In recognition of the role that financial institutions would play in a sustained economic development, the Founding Members seized the opportunity to create Wegagen Bank, S.C. Established under the Licensing and Supervision of the Banking Proclamation No. 84/1994, the Bank was registered with the National Bank of Ethiopia on April 30, 1997. The Memorandum and Articles of Association of the Bank were signed on April 15th, 1997 and registered with the Addis Ababa Bureau of Trade, Industry and Tourism on April 15, 1997, Registration Number 1/34/4/89. Wegagen Bank started operation on June 11, 1997 with a subscribed capital of Birr 60 million, out of which Birr 30 million was fully paid. 1.2 Vision and Mission In order to achieve service excellence and become the preferred destination of customers and other stakeholders, we have coined our vision as: "Becoming the most preferred Bank in Ethiopia". When we say this, we are heading forward to become the point of preference or a one-stop shop for banking services for all our customers. We are building our capacity both in terms of skilled manpower and technology to effectively respond to the prevalent local and global situations in lieu of providing customer centric and efficient services. That is why we have set a relevant mission to realize our vision as "to provide a wide range of quality banking services through a dynamic workforce and up-to-date IT solutions to satisfy the desires of all stakeholders". 1.3 Address The Bank is operating through a Head Office, located in Addis Ababa inside Dembel City Center (Kirkos Kifle Ketema, Kebele 20/17, House Number 1146; P.O. Box 1018; Tel 5523800). Currently, the Bank operates a network of 47 Branches and a forex bureau. 21 of the Branches are located in the capital and 26 in regional towns and cities. The list of all our Branches with their addresses is attached as Annex III. 1.4 Information and Communication Technology (ICT) Wegagen Bank has implemented the first of its kind integrated computer banking system in Ethiopia. The program was initiated in July 2000 to enhance the Bank’s customer services and internal operations. This goal is achieved through the effective use of wide area network, which provides access and linkage between the various Branches of the Bank and thus enabling customers to enjoy many benefits commonly available in the most advanced countries of the world. Customers could now enjoy speedy processing of accounts, easy access to funds and improved services from any of the Branches of the Bank. The Bank has concluded a contract with vendors for modern card payment systems. A project implementation of same is also started. This shall involve transaction outlets through ATMs and PoS terminals. Their acquisition is part of the long-range strategy of the Bank in enhancing the services being provided to its customers and achieving improved internal efficiency. 2. Objectives The objective of the Bank could be stated as: 1. To increase the level of capital in order to raise the lending limit of the Bank and obtain a high income. Wegagen Bank is committed to core business principles, through which dynamic and motivated staff members make lasting customer relationships. The principles and values of the Bank, in explicit form, are: Outstanding customer services, Business integrity, Effective, efficient and expanding operations, Prudent lending, Reasonable cost control disciplines, Fair employment practices, Play a reasonable role in aligning objectives of the Bank with those of the local communities, and Commitment to comply with the spirit and letter of the Law.
4. Core Competencies While we have been in operation for a decade, we have built and continue to build our specific and unique competencies, which could be mentioned as: i. Improved use of ICT and networked branches through the state-of-the-art technology.
5. Major Activities The Bank has always taken an extra step to attain its goal of becoming one of the top performing banks in the country in terms of quality of services, market share and long-term profitability. The strategy is to achieve this goal through customer service commitment, cost control, quality of credits, capital strength and core business concentration. Wegagen Bank is already a pioneer in availing uninterrupted nine-hour service, six days a week to its customers. Its customer base is healthy, extending loans and advances to a number of business communities in various areas: agriculture, manufacturing, import and export, construction, wholesale and distribution, etc. The major activities of the Bank are:
6. Organization & Management 6.1 Organizational Chart The Organizational Chart of Wegagen Bank, S.C. is attached as Annex IV. 6.2 Management The Bank is supervised by the Board of Directors, which consists of a Chairman, a Vice Chairman and seven other members. The Management is entrusted to the President/CEO, who in turn supervises two Vice-Presidents, the Controller, Risk Management Department, Legal Department and IS Department. Seven Department Managers report to the two Vice Presidents. Mid management staff members are selected from a pool of experienced banking professionals who can cater to the needs of customers with efficiency and expediency. 7. Auditors Different external auditors have been engaged in auditing the Bank’s financial position every year. The External Auditor that audited the Bank’s FY 2005/06; 2006/07 and 2007/08 accounts is M/S HST Chartered and Certified Accountants. 8. Financial Highlights Year after a year, the Bank has kept on growing. The Bank had earned a total net profit before tax of over Birr 614 million in 11 years of its operation. During this period, the Bank also paid Birr 176.5 million Birr tax to the government. At the end of fiscal year 2007/08, the Bank recorded an all time high profit before tax of Birr 190 million that resulted in an earning per share (with value of Birr 1,000 each) of Birr 449. Our ever-growing and appreciable success is a result of effective cooperation and coordination between the Board, the Management and staff of the Bank. Correspondent Banks with Valid SWIFT BKE
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CEO of Wewagen Bank
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