ADDIS ABABA – Amhara Bank has officially joined Ethiopia’s banking sector of Ethiopia with over 6bln birr paid-up capital.
During the event that officially launch the bank on Sunday, Bank officials said 50 percent of the shares are sold in Addis Ababa, while 20 percent is sold in Amhara region.
The remaining shares are bought by Ethiopians living in different parts of the country. Over the past two years, Amhara Bank has sold 188,000 shares and tens of thousands of shareholders.
In addition to the 6 billion Birr paid-up capital, Amhara Bank has subscribed 8 billion Birr.
Currently, a significant number of under formation banks are selling shares including Jano Bank, Ahadu, Sheger, Hijira, Zad, Kush and Huda banks.
Currently, there are 19 banks in Ethiopia including two public banks. According to the information obtained from NBE about 20 new banks both conventional and interest free are on the way to join the market.
Ethiopia’s banking sector is closed to foreign banks.