One of the newly incoming banks, Ahadu Bank S.C under formation completes its share selling.
On Saturday January 2, 2021 the bank held its first founding meeting at the Ghion Hotel.
The bank has been effectively going through the formation processes for the past 11 months.
According to Tegabu Haileyesus, chairman of the organizing committee, Ahadu has completed its sell with 760 million share sale out of which 540 million is paid up capital.
Haileyesus explained that there are 10,500 shareholders, of which 192 of them are certified Diasporas.
Since the number of shareholders was massive and coupled with the ongoing pandemic, the upcoming bank finds it challenging to hold it founders conference at one place. However, 3000 were found at the founding summit following social distancing and strict health care measures were implemented.
In a protected industry that is only allowed to Ethiopians who mostly start a bank with a capital of 500 million birr, Ahadu bank is said to have secured 540 million birr. This announced capital is not inclusive of share values sold to foreigners of Ethiopian origin who were very recently allowed to buy shares in Ethiopian banks.
Ahadu Bank S.C. is a conventional commercial bank which is established by Ethiopians and foreign nationals of Ethiopian decent. Complying with the country’s business law and National Bank of Ethiopia procedures, and comprising of a team of reputable professionals, veteran bankers and, prominent businessmen, have been gathered to make a foot print on the banking sector with a unique business model.
“AHADU BANK” coined its name from the “GE’EZ” alphabet which literally means “THE ONE” “THE FIRST.”
Starting from February, 2020 the organizing committee of Ahadu received the permit from the National Bank of Ethiopia. Following the permit it planned to finalize the share sales until September 10, 2020 and proceed with licensing process assuming the state of emergency would be lifted (Global Pndemic) however the under formation bank continued its sell until the middle of December .
“In Parallel, we are working on fulfilling the required studies, policies, procedures and manuals required as per NBE directive and other compliance requirements,” the under formation bank stated.
Ahadu bank share value is 1,000 Birr and the minimum number of shares one can buy is 10 while the maximum is 100,000 shares.
Currently there are 17 private banks and 2 state owned banks are operating in the ever growing banking sector of the country. Ahadu is keen on disrupting the banking sector for the greater good.