Zemen Bank Raised its Capital
Ethiopia's Zemen Bank announced it has sold close to 200 million birr in shared in the past two month, achieving its target of capital increase for the fiscal year. The sale of shares has been limited to existing share holders in the bank. The total capital of the bank now stands at 400 million birr, a two fold increase from the previous year.
The Bank noted that its deposit base in the first nine months of the current fiscal year has increased 42 percent and had passed 2.5 billion birr, all mobilized from a single main branch.
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