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Awash Bank Acquires a significant Stake in Ethiopian Securities Exchange

Awash Bank has formally disclosed its acquisition of 70 million Birr worth of shares in the Ethiopian Securities Exchange, during a press conference held at the bank's headquarters on February 29, 2024. This strategic investment, based on the burgeoning opportunities within Ethiopia's capital market, underscores Awash Bank's commitment to fostering economic growth through prudent financial initiatives.

During the press conference, Ato Tsehay Shiferaw, the Chief Executive Officer of Awash Bank, emphasized the pivotal role of capital markets in driving economic development within market-led economies. He highlighted the significance of aggregating capital for investment purposes and noted that despite Ethiopia's favorable policy environment, abundant natural resources, and youthful demographic, limited access to capital has impeded the nation's economic progress.

The establishment of the Ethiopian Securities Exchange as a share company, as mandated by the capital market establishment decree, represents a crucial step towards enhancing the country's economic landscape. Dr. Tilahun Ismail, CEO of the Ethiopian Securities Exchange, underscored the prioritization of various sectors, including financial institutions, to participate in the stock market as integral contributors to its growth and stability.

Notably, Awash Bank's investment in the Ethiopian Securities Exchange aligns with its longstanding commitment to driving economic prosperity and societal advancement. With a track record of 29 years in delivering modern and reliable banking services, Awash Bank continues to play a vital role in Ethiopia's economic trajectory.

In a parallel move, Global Bank Ethiopia, has announced its investment of 50 million Birr in the Ethiopian Securities Exchange (ESX), underlining its dedication to Ethiopia's economic advancement. Wro Meaza Wondimu A.Chief Officer - Corporate Strategy and Transformation of Global Bank Ethiopia, emphasized the pivotal role of capital markets in driving economic growth. Dr. Tilahun E. Kassahun, CEO of ESX, expressed enthusiasm about private sector support for ESX, poised to revolutionize Ethiopia's capital market. ESX aims to facilitate access to capital, support effective allocation, and drive economic growth through a well-regulated market ecosystem.

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