Amhara Bank the first bank named after a name of ethnic [Amhara] officially started operations today.
Amhara Bank – Amhara Bank Information
About Amhara Bank
Amhara Bank S.C. According to the Ethiopian Commercial Code, adopted in 1960, Banking Sector Proclamation No. 592/2008 and NBE Directive No. 592/2008 are in the formative stage. From SBB/50/2011. The name of the bank, Amhara Bank S.C., was officially registered with the Ministry of Trade.
Amhara Bank S.C is a newly founded bank that has been authorized by the National Bank of Ethiopia (NBE) to begin selling its shares to the public. A few months ago, the process of setting up the bank began, when a committee chaired by Melaku Fenta, former head of the Ethiopian Revenue & Customs Authority (ERCA) and headed by Mesenbet Shenkute, Addis Ababa Chamber of Commerce & Sectoral Associations president, and a former bank executive with years of experience.
Amhara Bank SC From the start of the sale in August 2019 to the date of publication of this article in September 2020, with the participation of more than 160,000 signatories: 6,400,000,000.00 (six billion three hundred). It has signed a subsidized capital of over one million birr and is preparing to join the banking sector with a capital of over 4,900,000,000.00 (four billion seven hundred million birr) in cash.
Amhara Bank Share
According to the National Bank of Ethiopia’s Directive No. 73/2020, Ethiopian Diaspora can purchase bank shares:
1) No matter where you purchase from any country, the bank share purchase can only be made in the Ethiopian territory.
Therefore, you need an agent who will not be able to purchase in person after you have entered the country where you live and the foreign currency accredited by the National Bank and the bank swift code and account numbers provided. Representation is necessary to represent your share in future decisions of the Bank. When you deposit money into Swift code, the exchange rate you use is the banks’ foreign exchange buying rate.
2)Once you have sent the money via a swift code, you must send the following documents to the agent for the agent to complete the purchase. Copy of power of attorney: Copy of passport: Yellow Card Copy: Copy of receipt where you deposited the money. The agent can then submit these documents and a copy of his / her ID to the bank where the money was deposited and fill out the purchase form of Amhara Bank and complete the purchase.
3) Ethiopians living abroad and non-citizens have the right to purchase bank shares in Ethiopian Birr or foreign currency. If you want to deposit the money from your country of origin, you can do so by making a purchasing agent in their name.
4) If you live in foreign countries and are foreign nationals, you can make foreign currency purchases in foreign currency. You may not need an agent because you do not live in Ethiopia, you can make the purchase yourselves.
5) Foreign-born Ethiopians can only buy foreign currency if they have foreign currency accounts in banks. You can then transfer the account to Amhara Bank. According to the money laundering law, foreign currency cannot be bought with cash in a bank.
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