A Bank Initiative Resumes Share Sales after Two-Year Hiatus


A Bank Initiative Resumes Share Sales after Two-Year Hiatus

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.

[ssba-buttons]

Radar

Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...


Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...


Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...