Tsehay bank to make bright entry late July

Tsehay bank announces its joining the banking sector on July 23, making it the 21st financial entrant.
The bank has amassed almost 780 million birr in paid-up capital from a total of 3 billion birr in subscribed shares through 373 shareholders, having the smallest number of shareholders from other banks in the industry.
Headquartered at Meaza Desalegn building around Lancha, the bank is said to start its operation with 30 branches with 20 of the total located in Addis Ababa whilst the rest will be located at the various regional cities.
Tsehay bank initially held its first establishment general assembly at Sheraton hotel on February 18 2022 after it received permission from the Central Bank to begin selling shares in October 2020.
The bank sold shares at 1000 birr per value while the lowest share sold was at 100,000 birr whilst the highest a shareholder could buy was at 100 million birr.
The National Bank has also approved the appointment of Yared Mesef, who was nominated as the first president of the bank. The president has been serving as the vice president of Dashen Bank before being appointed as the president of Tsehay bank. At the same time, Taye Dibekulu, who was appointed as the Chairman of the Board of the Bank, also served as the Vice President and President of United Bank and is known to be one of the founders of Tsehay bank.
Tsehay bank was among around a dozen banks that were currently under formation in the country. Tshehay will be the third bank to join the market following Amhara and Ahadu bank.
Currently, the banking system in Ethiopia consists of around 1 state-owned development bank, 1 government-owned commercial bank, and 21 private banks. Commercial Bank of Ethiopia holds more than 60 percent of total bank deposits, bank loans, and foreign exchange.
The government plans to open up its banking industry to foreign competition as soon as parliament passes policies permitting it.