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A Bank Initiative Resumes Share Sales after Two-Year Hiatus

Apr 5 , 2023

Geez Bank, a private commercial bank under formation, has resumed share sales after a two-year interruption caused by the northern conflict. Initially, the Bank aimed to complete its share sales by July 2021, but the escalating tensions and uncertainties in the country forced a halt to its efforts.

Thomas Haile, a member of the bank's founding committee, confirmed that they have now secured a permit from the central bank, allowing them to continue their bid to raise equity from the public. The announcement comes as a positive development, as businesses and investors look to rebuild and strengthen the economy after the turmoil caused by the war.

During a press conference held at Geez Bank's office, at Wegagen Bank's headquarters, the founding committee revealed ambitious plans to raise half a billion Birr in paid-up capital within the next month. If successful, this move is expected to solidify the Bank's position in providing a strong foundation for its future growth.

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