Ethiopian Review

ADDIS ABABA, ETHIOPIA — The Kersa main branch of the Cooperative Bank of Oromia (CBO), adjacent to the Development Bank of Ethiopia, was robbed on the morning of December 6, 2009 at around 4 AM.

The robbers, five in number, included some of the branch’s own guards, a Kirkos District police official told Fortune.

The district police were alerted by shots in the early hours of the morning. The shots had been fired by the guards who were on duty when they realized that a robbery was underway.

Four of the robbers were captured immediately after that, say police and are still hunting for the fifth one who got away with an estimated 30,000 to 50,000 Br. No one was hurt during the gunfire, said police.

Commander Tesfaye Eshete, Crime Investigation head at the district police station, declined to say anymore on the issue stating that his department is still undertaking investigations.

Belay Hirpha, Business Development and Corporate Planning manager, declined to comment on the incident.

CBO was registered in October 2004 and started operation in March 2005. Its next shareholders’ meeting is expected to take place on January 16, 2010.