Tsehay Bank, one of the under formation banks, held its first establishment general assembly at Sheraton Hotel last Thursday, February 18. The Bank had received permission from the Central Bank to begin selling shares last year in October 2020.
The organizing committee decided to go for the lowest share sell to be 100,000 birr whilst the highest a shareholder can buy was 100 million birr. The Bank has amassed almost 735 million birr in paid-up capital from a total of 2.9 billion birr subscribed shares through 373 shareholders. Tsehay Bank is among around a dozen banks that are currently under formation in the country.