Wegagen Capital Investment Bank has boosted its paid-up capital to 1 billion birr, more than doubling its initial 385 million birr, the lender said at its inaugural shareholders’ meeting on Monday.
The assembly, held at Kuriftu Hotel & Resorts’ African Village venue, marked the first annual gathering since the institution became the country’s first private investment bank and one of the earliest trading members licensed by the Ethiopian Securities Exchange (ESX).
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Board members told investors and guests that the expanded capital gives the bank headroom to widen its footprint in capital markets and launch new investment products as regulators push to deepen financial intermediation.
Wegagen Capital said it plans to scale up advisory and investment banking services, introduce tech-driven platforms and build institutional capacity to attract new clients. The bank aims to channel more savings into the formal market and broaden access to capital for businesses as Ethiopia opens its nascent securities market.
With 1 billion birr now in place, the bank says it is positioned to play a central role in mobilising funds and shaping the next phase of the country’s capital market reforms.
