The new economic policy introduced in November, 1991 caused the culmination of the command economic heralding the establishment of a market oriented one. This policy change created an opportunity and a conducive environment for the emergence of private financial institutions aimed at the bringing a meaningful economic role in the development efforts of the country.
Dashen Bank was established as per the intent of the new policy and the Ethiopian investment code. It came into existence on September 20,1995 according to the commercial code of Ethiopia, 1960, and the licensing and supervision of banking business proclamation No. 84/1994.
The first founding members were 11 businessmen and professional that agreed to combine their financial resources and expertise to form this new private bank.
The rationale behind its name, “Dashen Bank”
“Ras Dashen” is the highest mountain of Ethiopia. It is also the habitat of rare wild animals; the Wali Ibex, the Gelada Baboon, and the Lammergeyer – the beautiful bone breaker eagle. These unique characteristics of the mountain coincided with the interest of the founders of the Bank and prompted them to adopt this great name and epitomize their aspiration. Rightly, reaching the top of banking business in dynamic and competitive business environment symbolized the highest peak, while the unique and efficient services the bank caters for the public through state -of-the-art computer technology and carefully selected and trained man-power equated with the rare wild animals. Today, indeed, reliability, efficiency and modernity are the hallmark and the bank’s distinguishing features which make them synonymous with Dashen Bank as much as the rare animals are synonymous with Ras-Dashen Mountain.
The Business Purpose of the Bank
The business purpose of the banks as enshrined in its basic documents is to render commercial banking activities both at the domestic and international spheres.