Hibret Bank to Raise Capital to 20b Br

Nov 19 , 2022

Hibret Bank shareholders decided to raise the Bank's capital to 20 billion Br in the next five years in response to the central bank's order to reach five billion Birr in four years and with the anticipation of foreign banks coming into the industry. However, the Bank will offer 7.5 billion Br in equity to non-shareholders. The Bank raised its capital to 4.3 billion Br from 3.88 billion Br. It inaugurated a 32-storey building as its new headquarters in the financial district around Sengatera and opened 40 new branches, increasing the total branch network to 423. Hibert Bank reported positive results from its operation last year, registering a gross profit of 1.8 billion Br. The Board Chairwoman, Samrawit Getamessay, told a shareholders' meeting held at the Interluxury Hotel, on Guinea Conakry St. (Cazanchis area) the performance comes in the face of global and domestic challenges. "The slowdown in China, the negative spillover from the war in Ukraine on top of the continued trade tension between the US and China exacerbated the situation," said Samrawit. "The Ethiopian economy faced daunting challenges during the year under report, the most severe being the war in the northern part of the country." The total loan portfolio stood at 46 billion Br, growing by a whopping 10 billion Br while deposits show a similar increase to 53.


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...