Fortune News | Oct 19,2019
Yilkal Kefale (PhD) (second from left), president of the Amhara Regional State; Agegnehu Teshager (third from left), speaker of the House of Federation; and Yinager Dessie (PhD) (centre), governor of the central bank, were pleased as they were given a tour of the upmarket new skyscraper in Le Gare, the central business district of Addis Abeba. It was the official launching of Amhara Bank S.C., of which Henok Kebede (far right) and Melaku Fenta (far left) are the founding president and board chairperson, respectively. On the same day, the Bank also inaugurated its headquarters on Ras Mekonnen Avenue.
It was a day full of activities for the Bank that had been under formation since 2019. The Bank’s entry into the industry is unusual. Having mobilised 4.8 billion Br in paid-up capital, close to the central bank’s minimum threshold of five billion Br, Amhara Bank has arrived at a milestone that existing banks struggle with, some may never reach. The capital was mobilised from 180,000 subscribers, a shareholder base larger than any other bank in the industry. Its subscribed capital is over 6.5 billion Br. Amhara Bank has also launched its operations with 70 branches across the country, most of them in Addis Abeba and the Amhara Regional State. It is a big-bang entry into the banking industry, in sharp contrast to a single branch strategy Zemen Bank had followed a decade and a half ago.
The Bank’s founding management will have their work cut out for them. They must contend with an industry that has become increasingly crowded over the past few years as several banks joined, a slowing economy, and an unpredictable regulatory environment.
PUBLISHED ON
Jun 18,2022 [ VOL
23 , NO
1155]
Radar | Jul 28,2024
Radar | Jun 11,2022
Fortune News | Apr 10,2021
Radar | Jul 13,2024
Fortune News | Jan 30,2021
Dec 22 , 2024 . By TIZITA SHEWAFERAW
Charged with transforming colossal state-owned enterprises into modern and competitiv...
Aug 18 , 2024 . By AKSAH ITALO
Although predictable Yonas Zerihun's job in the ride-hailing service is not immune to...
Jul 28 , 2024 . By TIZITA SHEWAFERAW
Unhabitual, perhaps too many, Samuel Gebreyohannes, 38, used to occasionally enjoy a couple of beers at breakfast. However, he recently swit...
Jul 13 , 2024 . By AKSAH ITALO
Investors who rely on tractors, trucks, and field vehicles for commuting, transporting commodities, and f...
Mar 2 , 2025
The domestic economy has endured a punishing half-decade. A global pandemic throttled...
Feb 23 , 2025
Africa is a place where the frustrations of its elites run high due to what they feel...
Feb 16 , 2025
Madame Kristalina Georgieva, managing director of the International Monetary Fund (IM...
Feb 9 , 2025
This week, the African Union's (AU) annual summit in Addis Abeba is set to be more th...
Loading your updates...