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Hibret Bank Invested 50 Million Birr in Ethiopian Securities Exchange

Hibret Bank, a longstanding institution in the Ethiopian banking sector, recently solidified its position in the financial market by acquiring a significant stake in the Ethiopian Securities Exchange. This strategic investment, valued at 50 million birr, marks Hibret Bank's entry as a shareholder in the Ethiopian Securities Exchange, poised to become operational in the near future.

The agreement between Hibret Bank and the Ethiopian Securities Exchange Share Company designates the bank as a five percent stakeholder in the exchange. This transaction reflects a growing trend among Ethiopian banks, with Zemen Bank, Siinqee Bank, Awash Bank, and Global Bank also securing shares, collectively totaling 220 million birr.

Initial reports from the Ethiopian Securities Exchange indicate that the capital raised from share sales may surpass projections. The deadline for share sales is approaching on March 30, with anticipation for additional companies to participate in the coming weeks.

Established under the framework of the Ethiopian Capital Market, the Ethiopian Securities Exchange is poised to play a pivotal role in mobilizing investment capital across various sectors. This development is expected to facilitate modern financial transactions and stimulate business activities within the financial sector.

The share purchase agreement was executed by Melaku Kebede, President of Hibret Bank, underscoring the bank's commitment to strategic investment initiatives. Meanwhile, Tilahun Esmail (Dr.) serves as the CEO of the Ethiopian Securities Exchange.

Hibret Bank boasts a substantial presence in the Ethiopian banking landscape, with over two decades of operation. Its financial performance, as detailed in the annual report for the 2022/23 fiscal year, demonstrates robust growth, with total assets exceeding 82.5 billion birr. Notably, the bank's capital stands at 9.4 billion birr, with a profit before tax reaching 3.06 billion birr.

Deposit figures for the fiscal year amounted to 64.5 billion birr, while loan deposits totaled 60.1 billion birr, highlighting Hibret Bank's significant role in mobilizing financial resources within the Ethiopian economy.

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