Ethiopia’s Capital Market Authority (ECMA) has granted a Capital Market Service Provider licence to Awash Capital Investment Bank S.C., allowing it to operate as an investment bank within the Awash banking group, the regulator said on Wednesday.
The approval includes licences for four appointed representatives and the endorsement of five board directors at Awash Capital, ECMA said in a statement.
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The latest authorisation brings the total number of licensed capital market service providers in Ethiopia to 13, and the number of licensed investment banks to four, as the country continues to build out its nascent capital market industry.
ECMA Director General Hana Tehelku, who presented the licence to the company’s leadership, said the addition of new regulated investment banks would help ensure Ethiopia’s capital market remains “competitive, fair and robust”. She added that the authority will prioritise strict adherence to integrity standards and investor protection as new firms enter the market.
ECMA congratulated Awash Capital and said it remains committed to developing a strong and inclusive market that supports sustainable economic growth.
