Ahadu Bank manages to perform it’s first formation assembly with 760 million birr subscribed capital

Ahadu Bank, one of the 20+ banks under formation in Ethiopia has managed to perform it’s first formation assembly in Ghion Hotel on January 2, 2021.

National Bank of Ethiopia’s rule states that banks need a minimum capital of 500 million birr. The bank managed to sell 760 million birr worth of shares and managed to collect 540 million birr in paid up capital out of 10,500 shareholders.