Ethiopia’s nascent capital markets received a boost on Thursday as investment bank Wegagen Capital Investment Bank S.C. (WCIB) announced the successful completion of a prospectus for Hibret Bank S.C., a key step ahead of submitting the document to the Ethiopian Capital Market Authority (ECMA).
In a statement, WCIB said it had been appointed by Hibret Bank to prepare the offering document and thanked the bank for its trust in the engagement. The move underlines WCIB’s “strategic role in the growth of the country’s financial sector,” the statement added.
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The development comes amid Ethiopia’s broader efforts to deepen its capital markets. ECMA, established under the Capital Market Proclamation No. 1248/2021, has licensed WCIB as an investment-banking player.
Hibret Bank’s prospectus, prepared by WCIB, signals an institution readying itself for listing or wider capital markets participation. According to local reporting, the prospectus has been finalised and is now under preparation for ECMA submission.
For WCIB, the milestone builds on its recent expansion: the bank earlier this year reportedly increased its paid-up capital to 1 billion birr, more than doubling its initial figure, as it positions itself as a key intermediary in Ethiopia’s emerging securities market.
