Hibret Bank Joins Investors in Stock Exchange

Mar 16 , 2024

Hibret Bank has emerged as the fifth financial institution to have an equity investment in the Ethiopian Securities Exchange (ESX), with 50 million Br. Signed by Melaku Kebede, the president of the Bank, and Tilahun Kassahun of the Exchange, the deal made at the Bank's headquarters on Ras Abebe Aregay St marks Hibret as a significant stakeholder in the Exchange, with a notable five percent ownership. "It’ll strengthen financial institutions," said Melaku. This development follows in the footsteps of previous acquisitions by prominent institutions such as Zemen, Siinqee, Global Ethiopia and Awash banks, all of which have contributed to substantial stakes held by the private sector in preparation for the Exchange's launch next year. Awash, in particular, stands out for its significant stake acquisition of 70 million Br. The Exchange aims to raise a total of 625 million Br from the private sector, encompassing banks, insurance companies, and microfinance entities. It has already secured a substantial portion of its funding, with 275 million Br sourced from four state-owned enterprises under Ethiopia’s Investment Holdings and FSD Africa.