Hibret Bank Takes a Stake in Ethiopian Securities Exchange

Hibret Bank, a private bank in Ethiopia, has announced its strategic investment in the Ethiopian Securities Exchange (ESX). The bank’s equity investment of ETB50 million represents a 5 % ownership share in the paid capital of ESX. This move aligns with Hibret Bank’s goal of actively participating in Ethiopia’s emerging capital market ecosystem.

 

The investment from Hibret Bank, along with the initial investment from Ethiopian Investment Holdings (EIH), is said will support the final preparations for the launch of ESX later this year. Other investors are also expected to join as shareholders in the coming months.

 

Ato Melaku, CEO of Hibret Bank, expressed the bank’s belief that the establishment of ESX will create a platform for synergy among different players in the market. “This platform will enable businesses to trade and grow with stronger financial capabilities, benefiting not only the financial sector but also the overall economy of the country.”

 

Dr Tilahun E. Kassahun, CEO of Ethiopian Securities Exchange, expressed delight at Hibret Bank’s decision to join ESX as one of the founders of this exchange. He emphasized the importance of the bank’s investment, especially during the critical phase of finalizing the capital raise process. He also highlighted that Hibret Bank’s commitment to supporting ESX will extend to other areas of the capital market ecosystem, including the provision of capital market services.

 

ESX is set to become the centerpiece of Ethiopia’s upcoming capital markets ecosystem, encompassing various markets such as equities, fixed income, money markets, and alternative markets like equity and debt crowd investment platforms.

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