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.
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