Awash Bank, the leading private bank in Ethiopia, announced it’s paid-up capital reached Birr 10 billion, becoming the first bank to double the required Birr 5 billion paid up capital set by the National Bank of Ethiopia (NBE).
It is recalled that the National Bank of Ethiopia (NBE) has directed existing private banks to increase their paid-up capital to five billion birr within five years and new entrant banks within seven years.
Awash Bank was established by 486 founding shareholders with a paid-up capital of Birr 24.2 million and started banking operations on Feb. 13, 1995.
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