Afro Bank S.C., an under formation Bank, has commenced floating it shares for public subscription. The Bank is offering 750,000 shares with a par value of 1,000 Br. Potential shareholders will have to acquire a minimum of 100 shares to be part of the venture, while the upper limit on share subscription is set at five percent of the floated capital, as per the central bank's regulations. The Bank is just one of over a dozen currently under formation including the likes of Tsehay, Jano, Ahadu, Amhara and Damota banks among others. Currently, there are 17 commercial banks in the country in addition to the Development Bank of Ethiopia, a specialised state-owned development financial institution and the National Bank of Ethiopia, the country's regulatory bank.
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