coop bank 3-30-24

Cooperative Bank of Oromia Invests ETB 60 Million in Ethiopian Securities Exchange

Cooperative Bank of Oromia (Coopbank) signed a subscription agreement with the Ethiopian Securities Exchange (ESX) to acquire shares valued at ETB 60 million.

During the signing ceremony held at Cooperative Bank’s Head Office, Mr. Liko Tolesa, Coopbank’s VP of Human Capital and Project Management, emphasized the crucial role of ESX in securing additional financing and nurturing investment opportunities within the nation. He affirmed that the decision to acquire ETB 60 million worth of shares perfectly aligns with Coopbank’s commitment to fostering economic development and prosperity.

This purchase represents a significant milestone for Coopbank, showcasing its steadfast support for Ethiopia’s economic growth. Mr. Liko stated, “Through prudent investments and strategic initiatives, Coopbank continues to play a pivotal role in shaping the future of the financial sector in the community.”

Expressing his appreciation, Dr. Tilahun E. Kassahun, CEO of the Ethiopian Securities Exchange, welcomed Coopbank as a founding member and highlighted the timeliness of their investment decision as ESX finalizes its capital raising process. He expressed confidence that Coopbank’s participation will greatly benefit ESX and contribute to the development of Ethiopia’s capital markets.

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