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Gedaa Bank, still under formation, started 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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Abay Bank to build 26 storey HQ in Lideta District, Addis Ababa

Abay Bank, one of the youngest banks, has joined the race to build the next large bank headquarters with an investment of 827 million Br, following the lead of a host of other private banks.

To be completed in the next four years, Abay’s headquarters will rest on a 1,600Sqm plot in Lideta District. The 26-storey building will have offices, a meeting facility and a parking space that can accommodate up to 150 cars at any given time.

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