Forward from: EthioAksion Stock Market 🇪🇹
Drafted Proclamation.pdf
Banking Business Proclamation 1359/2024
This historic law paves the way for foreign banks to:
⚡️ Establish subsidiaries, branches, or representative offices.
⚡️ Purchase shares in Ethiopian banks (up to 40% for strategic investors, total foreign ownership capped at 49%).
⚡️ Fully acquire distressed banks, with National Bank approval.
ℹ️ This move promises to modernize Ethiopia’s financial sector, attract foreign investment, and drive economic growth.
🖥 Read more about the details and implications here: https://aksion.et/ethiopia-welcomes-foreign-banks-a-transformative-chapter-in-the-nations-financial-landscape/
This historic law paves the way for foreign banks to:
⚡️ Establish subsidiaries, branches, or representative offices.
⚡️ Purchase shares in Ethiopian banks (up to 40% for strategic investors, total foreign ownership capped at 49%).
⚡️ Fully acquire distressed banks, with National Bank approval.
ℹ️ This move promises to modernize Ethiopia’s financial sector, attract foreign investment, and drive economic growth.
🖥 Read more about the details and implications here: https://aksion.et/ethiopia-welcomes-foreign-banks-a-transformative-chapter-in-the-nations-financial-landscape/