Abyssinia Bank has formally registered with the Ethiopian Capital Market Authority (ECMA), taking its first step into investment banking within the country’s newly liberalised financial sector.
This was announced on Tuesday during the bank’s 29th and 16th Annual Ordinary General Meeting, held at the Adwa Victory Memorial Hall.
The country’s second-largest private lender by assets now joins Awash Bank as one of only two private banks preparing to enter the investment banking space.
Mekonnen Manyazewal, ECWA Board Chairman, said the move is part of a broader strategy to expand into securities trading and advisory services in line with Ethiopia’s ongoing capital-market reforms.
“Ethiopia is building the foundations of a capital market, and Abyssinia Bank intends to be part of that journey,” Mekonnen told shareholders. “We see investment banking not just as an opportunity to diversify revenue, but also as a contribution to the modernisation of the financial system.”
Bekalu Zeleke, ECWA Chief Executive Officer, added that the bank is not merely seeking a presence in the sector, but one of impact.
“We are studying how to become a successful investment bank, not just to enter, but to build a much stronger and more competitive institution,” he said.
Ethiopia’s capital-market journey began with the passage of the Capital Market Proclamation Act in 2021, followed by the establishment of the ECMA in 2022.
So far, the regulator has licensed only two investment banks – CBE Capital Investment Bank and Wegagen Capital Investment Bank – along with a few advisory and brokerage firms.
In its official statement, the ECMA described the entry of new players as “pivotal to the creation of a more diversified and robust capital market in Ethiopia, providing essential services ranging from investment banking and advisory to securities brokerage and dealing.”
The Ethiopian Securities Exchange (ESX) was launched on January 10, 2025, and currently lists just three companies – Gadaa Bank, Ethio-Telecom, and Wegagen Capital Investment Bank. But this has been viewed by authorities as a cornerstone for the country’s financial-sector reform.
