Ethiopia’s first investment bank Wegagen Capital has formally launched operations. The launching ceremony of Wegagen Capital Investment Bank S.C. was held at Hilton hotel in Addis Ababa last night.
In March this year, Ethiopian Capital Market Authority (ECMA) granted licenses to two investment banks. CBE Capital S.C, affiliated with the Commercial Bank of Ethiopia (CBE), and Wegagen Capital, affiliated with Wegagen Bank, were granted licenses.
Wegagen Investment bank is led by Brutawit Dawit, a prominent figure in Ethiopia’s banking industry. She was a founding member of Wegagen Bank and worked as the president of Zemen Bank.
Around 6 months ago, the Ethiopian Prime Minister inaugurated country’s first Stock Exchange. In order to enter the Stock Exchange, the Commercial banks are required to establish an independent subsidiary to ensure that the two businesses remain wholly separate. Wegagen Capital is launching its operations with a paid up capital of 385 million birr, invested mainly by Wegagen Bank and other institutional investors.
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