(4 minutes read)
· Ethiopia’s Amhara Credit and Savings Institute (ACSI) will get converted into a bank soon
· Migration to a full -fledged bank will take at least six months
· When ACSI turns into a bank, the share holding with promoters should not exceed 70 percent as required by law, and thus 30 percent of its shares will be sold to private holders
Ethiopia’s Amhara Credit and Savings Institute (ACSI) will get converted into a bank soon, the Institute’s CEO, Mekonnen YelewimWossen, announced. Presently, it is a microfinance company with limited financial operations. For quite some time, the firm was trying to get converted into a full -fledged bank.
Officials of the microfinance company said that migration to a full -fledged bank will take at least six months. Preparations are being carried out to induct modern technology and concepts in the working of the bank. Its employees are given sufficient training and efforts are underway to enhance its database to rope in more customers. The bank will maintain its existing 37 billion birr capital (over US$1 billion), and assets valued at 8.5 billion birr (over US$231 million). The proposed bank will start giving services at its existing 53 branches.
When ACSI turns into a bank, the share holding with promoters should not exceed 70 percent as required by law, and thus 30 percent of its shares will be sold to private holders.
