Establishment

Wegagen Bank is a privately owned share company which started operations on June 11, 1997 with a subscribed capital of Birr 60 million and a paid up - capital of Birr30 million. The number of shareholders reached 2,130 while the total capital (including paidup capital, share premium and legal reserves) reached over Birr 1.5 Billion as at March 31, 2012. Vision Becoming the most preferred Bank in Ethiopia.

Mission Statement

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.
Principles and Values

1. Outstanding customer services, 2. Business integrity, honesty and loyalty, 3. Effective, efficient and expanding operations, 4. Strong capital and liquidity position, 5. Prudent lending, 6. Reasonable cost control discipline,

7. Fair & objective employment practices, 8. Play a responsible role in aligning objectives with those of the local communities, and 9. Commitment to comply with the spirit and letter of the Law.
Main Objectives

A) Maximizing profitability through increased efficiency B) Enhance growing market share C) Expanding the banks capital base D) Ensuring excellence in customer services E) Provide differentiated, varied and value added banking services
Major Services

Accept different types of deposits, Grant varieties of loan facilities, Offer full-fledged international banking services, Render local and international money transfer services and Payment Card services through ATM and POS network.

Branch Network

Wegagen Bank has a network of 63 branches of which 28 are in Addis Ababa and the remaining 35 are located in other cities and towns of the country. Expansion of the network of branches will be pursued appropriately. ICT (Information & Communication Technology) Wegagen Bank is a pioneer Bank to introduce a core banking system in July 2000, thereby managed to network the Head Office organs, City Branches and some of the Outlying Branches.

At present, migration of the existing Core Banking System into a more versatile and ISO-standard solution is completed.

The Bank has also implemented a full-fledged Card Payment System, enabling its customers to get 24/7 banking services, on our ATM network, and on POS Terminals, as well. Corporate Governance Wegagen Bank is governed by the Board of Directors consisting of a Chairman, a Vice Chairman and seven Directors. The overall management is entrusted to the management team which comprises the President/Chief Executive Officer, who is

appointed by the Board of Directors, two Vice-Presidents and twelve Department Managers.

As of March 31, 2012, the number of permanent employees of the Bank stood at 2,158 of which 1,377 were clerical, professionals & semi-professionals, holding diploma and first & second degrees.