Dec 24 , 2022
Shareholders of Tsehay Bank, a fourth-generation bank, voted to raise its paid-up capital to five billion Birr until 2024, a couple of billion short of the minimum required capital set by the central bank before 2026. Tsehay, which opened its door in July, held its first general assembly last week at Hilton Hotel. Bank executives addressed that it has taken two years for promoters to raise the equity to 734 million Br from 373 shareholders. Tsehay's subscribed capital stands at 2.8 billion Br with a par value of 1,000 Br. The aftermath of the pandemic, policy and directive amendments from the central bank, and domestic instability were attributed as challenges by Taye Debekulu, the board chairman, who had also served as the president of Hibret Bank for seven years. The executives, under Yared Mesfin, aim to expand the branch numbers to 100 and the outstanding debt to 5.12 billion Br while mobilising a deposit of 5.1 billion Br.
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