Wegagen Bank has become the first bank to be listed on the Ethiopian Securities Exchange (ESX), establishing itself as a trailblazer in Ethiopia’s quest to liberalise its economy.
The listing was announced on January 10, 2025, at the Science Museum in Addis Ababa, during the official opening of the Ethiopian Securities Exchange which was attended by Prime Minister Abiy Ahmed of Ethiopia and high-ranking government officials.
Read also: Ethiopian Securities Exchange, raising $234 million in IPO
Wegagen Bank’s ESX listing allows it to transition to a technology-based share-sale platform
Wegagen Bank’s listing on the ESX provides shareholders with a safe, informative, and transparent way to trade stock while also positioning the bank to transition to a contemporary technology-based share sale platform and raise money.
To make the proactive preparations necessary to seize opportunities within the capital market ecosystem, Wegagen Bank has been developing and implementing new strategies and projects in response to recent policy shifts that have been evident in the finance industry.
The bank has also enlisted the help of internationally acknowledged consultants in this endeavour.
Read also: Ethiopian Securities Exchange begins operations
Wegagen Bank trains staff to adapt to the new system
The bank intends to organise trainings and exposure tour programs for management, staff and board of directors as part of effort to develop human and internal capacity.
Wegagen Bank takes satisfaction in being at the forefront of developing new investment opportunities and fostering the expansion of the Ethiopian capital market at this crucial juncture in its development.
The bank further reaffirmed its dedication to actively engage in a range of capital market services while carefully disposing of its outstanding obligations.