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Jan 11 , 2024
Zemen Bank becomes one of the first financial institutions to have a 47.5 million Br equity in the Ethiopian Securities Exchange (ESX). With a minimum equity investment set at 10 million Br, the deal makes Zemen Bank a five percent stakeholder in the Exchange.
The agreement was signed between the executives Dereje Zenebe of Zemen and Tilahun Kassahun of Securities Exchange today, at the Bank’s headquarters on Ras Abebe Aregay St.
"It’ll maintain the financial institution’s transparency," said Dereje.
Zemen Bank will be joined by other investors who are expected to acquire stakes in the coming months. ESX expects to raise 625 million Br from the private sector including banks, insurance and microfinances.
The remaining (275 million Br) is already raised from four state-owned enterprises under Ethiopia’s Investment Holdings and FSD Africa.
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