Mother of all Banks in Ethiopia
 

On February 15, 1996 90 years to the day after the now-defunct but historical Bank of Abyssinia was officially established by Emperor Menelik, the new Bank of Abyssinia (BOA), which shares nothing with the former one but its name, was established.

The new Bank Of Abyssinia had, of course, a humble beginning, in that its shareholders numbered only 131, its workforce 32 and had only one branch. Furthermore, its subscribed capital was only Birr 25 million, and its authorized capital Birr 50 million, whereas its paid-up capital was just Birr 18 million.

 

It gives BOA’s Management great pleasure to say that the Bank has since made great strides, for it now boasts the following: (June 2010)

A subscribed capital of Birr 315 million, an authorized capital of Birr 630 million, and a paid-up capital of Birr 445.74 million (including special and legal reserves);
A total of 1,319 shareholders;
Over 1,700 employees;
Over 260,000 customers;
An overall deposit of Birr 5.14 billion;
A single borrower limit of birr 111 million
Has already extended Birr 3.1 billion as loans; and
A total of 51 branches