Shareholders of the Bank of Abyssinia (BoA) have voted to raise the Bank's subscribed capital by 150pc over the next two years from the current value of four billion Birr. The 2,400 shareholders gathered last week at the Intercontinental Addis Hotel, during the 12th general assembly, have agreed to boost the Bank's capital to a whopping 10 billion Br. The decision was made to better align the Bank's trajectory with its five-year strategic plan and its goal of maintaining the growth of deposits at 45pc annually, according to company executives. The Bank of Abyssinia will float 240 million shares for sale to raise the additional six billion Birr, with sales scheduled to be completed in June 2023. The Bank, which registered over 853 million Br in profit over the last fiscal year, plans to finalise all due payments in subscribed shares by the end of this year. The central bank's regulations prohibit sales of new shares before all previously subscribed shares have been settled. Abyssinia, one of the three largest private banks in the country, disbursed loans and advances amounting to 36.8 billion Br last year. But it saw income from foreign dealings plummet to 175.3 million Br from the previous year's gains of 81 million Br.

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