The under formation Amhara Bank S.C. has announced that it has sold 6.4 billion Br worth of subscribed shares, of which 4.8 billion Br has been paid. The shares were sold to over 155,000 shareholders. With a par value of 1,000 Br, the minimum and maximum shares a single shareholder can buy are limited to 10 and 100,000, respectively. Melaku Fenta, former head of the then Ethiopian Customs & Revenues Authority and the chairperson of the new Bank's promoters, has stated that the Bank will continue to sell shares up until the end of November. The under formation Bank is selling shares through Amhara Savings & Credit Association and 10 other banks. Currently, more than a dozen under formation banks are selling shares including Jano Bank, Goh Betoch, Ahadu, Sheger, Hijira, Zad, Kush and Huda banks. Last month, ZamZam bank, the pioneer in full-fledged, interest-free banking, secured its operating license from the National Bank of Ethiopia and registered 870 million Br and 1.8 billion Br in paid-up and subscribed capital, respectively, raised from 11,200 shareholders.
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