Banking Business Proclamation 1359/2024This 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.
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Read more about the details and implications here:
https://aksion.et/ethiopia-welcomes-foreign-banks-a-transformative-chapter-in-the-nations-financial-landscape/