Commercial Bank of Ethiopia (CBE), the largest bank in Ethiopia, is seeking government approval to increase its paid-up capital from 63 billion birr to 500 billion birr in order to finance ambitious expansion plans, according to executives of the state-owned bank. But we expect approval to raise the capital this fiscal year,” said CBE President Abe Sano. First, the bank’s assets of one trillion birr far exceed its authorized capital of 40 billion birr. “Our current 63 billion birr capital is insufficient. “In birr terms our capacity is huge, but in terms of USD, it still lags behind neighboring countries,” said Abe.

Source: Ethiopian News July 22, 2023 13:45 UTC