The currently under-formation Amhara Bank started selling shares on August 17, 2019, with an official launching ceremony that was held at Sheraton Addis Hotel. Chaired by Melaku Fenta, former director-general of the then Ethiopian Revenues & Customs Authority, the under-formation Bank set the par value of a share at 1,000 Br. The minimum number of shares a shareholder can buy is 10 and a maximum of 100,000 shares. The under formation bank got a permit to sell shares from the National Bank of Ethiopia last month. Along with Amhara Bank, Gadaa Bank and Goh Morgage Bank have started selling shares to start conventional banking services. Five more banks have also secured under formation licenses from the central bank to start full-fledged, interest-free banking services. During the 2017/18 fiscal year, the 17 commercial banks operating in the country raised their capital to 85.8 billion Br. The banks also mobilized 298.2 billion Br from deposits.
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