Banks in Ethiopia Latest News

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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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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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