Oromia International Bank established
Capital Ethiopia - January 2, 2008

Oromia International Bank’s founding general assembly has been held on December 29, 2007 at Hilton Hotel with over 2000 attending. The bank will open its first branch in April 2008.

Oromia International Bank is to engage in commercial banking and to extend banking services in both rural and urban areas. Currently the bank has more than four thousand registered shareholders.

The provisional committee took the responsibility of organizing and facilitating the convening of a more formalized meeting of the founders and put together proposals that require the approval of the wider body of the founding members. After deliberating on the criteria of selection, 21 prominent business owners and academicians were elected as promoters.

The founding meeting has elected a board of directors, which shall be responsible for the finalization of the licensing of the bank and its consequent commencement of banking services.

The board shall carry out all activities necessary to meet the minimum legal requirements for the inauguration of the bank. Zonal promoters committees will be elected to further widen the equity base of the bank.

The promoters envisage that the bank has an authorized capital of 1.5 bln ETB, a subscribed capital of 300 mln ETB and a minimum paid up capital of 80 mln ETB. The paid up capital is deposited in a bank in a blocked subscription account in the name and account of the company until it is legally registered and becomes operational ...