Ahadu Bank, one of the under formation banks, held its first establishment general assembly at Ghion Hotel this past Saturday. The Bank had received permission from the central bank to begin selling shares last year in February 2020, but it was postponed to May due to the Novel Coronavirus (COVID-19) pandemic. The sale of shares commenced from May until early September. Buyers were able to purchase shares by depositing 50pc of the cost and paying off the remainder within a three-month period. A single share sold for 500 Br, while a minimum of 40 shares and a ceiling of 40,000 shares were in place. The Bank has amassed 540 million Br in paid-up capital from a total of 760 million Br of subscribed shares through 10,500 shareholders. Seventeen individuals with backgrounds in banking, business and construction initiated the establishment of the Bank, including Kassahun Hailemariam, former director-general of the Federal Transport Authority. Ahadu is among around a dozen banks that are currently under formation in the country. In the coming year, the likes of ZamZam, Gadda and Amhara Banks are set to join the 17 commercial banks that are currently operating in the country.
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