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ZemZem Bank starts selling shares

ZemZem Bank, whose formation was aborted seven years ago following issues with the central bank, has been resurrected and has restarted its formation process.

The founders of the Bank, who lobbied for the establishment of a full-fledged interest-free bank in Ethiopia, have submitted a letter to the National Bank of Ethiopia to reinstate the formation process.

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Gedaa Bank, still under formation, starts selling shares

Gedaa Bank, still under formation, has started selling shares after getting approval from the National Bank of Ethiopia (NBE).

Gedaa offered the shares for a public subscription three weeks ago and has sold 50 million Br worth of shares as of last weekend. Gedaa, which aims to raise half a billion Birr in the next six to nine months, has a subscription capital of two billion Birr.

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Zemen Insurance, in the last stages of joining the insurance industry

The 18th insurance firm, Zemen, is in the last stage of joining the insurance industry, only waiting for final approval from the National Bank of Ethiopia.

Zemen has finalised the formation process by 926 shareholders, who raised 81.5 million Br in paid-up capital from the subscribed capital of 114.6 million Br.

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