Amhara Bank Opens Maiden Branch, Awaits Operational License

May 7 , 2022


Amhara Bank has opened its first branch in the Arat Kilo area of Addis Abeba while its promoters await an operational license from regulators at the central bank. The Bank is looking to join the industry with 5.9 billion Br in paid-up capital, putting it on par with first-generation banks such as Dashen, which has managed to surpass the six billion Birr mark after nearly three decades of operation. The central bank approved the nomination of Henok Kebede, a former Dashen Bank executive, as president of Amhara Bank late last year. He will lead one of the "fourth generation banks" lining up to join the industry. Others include Ahadu and Tsehay banks, which are also awaiting operational licenses. Tsehay Bank has mobilised 734 million Br in paid-up capital from 373 shareholders, while Ahadu looks to join the financial sector with a little over half a billion Birr in paid-up capital.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email