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Ethiopia Buna Bank licensed
BIB has 11,200 shareholders and the bank's subscribed capital has reached 300 million birr
By Groum Abate
Buna International Bank (BIB), the largest private bank in terms of number of shareholders, acquired its operating license from National Bank of Ethiopia (NBE) on Friday June 26.
Negede Abebe, President of the new bank told Capital that it will be opening 10 branches this year.
Negede has been in the banking sector for over two decades, serving at the National Bank of Ethiopia and Wegagen Bank.
The president of BIB said that the process at the Public Notary Office that started in mid February came to an end this week.
He added that his office would commence its business officially in the coming couple of weeks from its headquarters around Arat Kilo.
Marshal Fikremarkos will also chair the board of directors of the bank, which has been in some difficulty after the central bank rejected some of its selected board members.
At BIB's general assembly held in October 16, 2008, twelve directors were elected to govern the bank, some of whom the central bank rejected. BIB then selected other members to fill the gap, which the central bank approved.
BIB has 11,200 shareholders. The bank's subscribed capital has reached 300 million birr and it has 160 million birr in paid up capital.
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