Debub Global Bank Share Company is to enter the Ethiopian banking sector in 2012. The Bank has raised 286 million birr in subscribed capital and 150 million in paid up capital through the sale of shares. 5481 shares have been presented to the National Bank pending signature and verification by shareholders according to an official at the Bank.
Debub Global Bank expects to concentrate its activities in the South of Ethiopia where there exists untapped potential for investment said the official. The shareholders of the bank understand the potentials in the South and are interested in engaging in investment and trade in the area explained the official.The General Assembly of the bank has presented a list of people who could potentially serve on its board of directors and has waited six months, after meeting all requirements, to begin operations explained the official.
The National Bank reviewed the thirty potential nominees to the board of directors according to their credentials and the number of votes they received from the General Assembly. Eleven people are said to have passed the screening process of the central bank.
The central bank approved the appointment of Worku Lemma, former vice president of the Oromia International Bank as the founding President of Debub Global Bank.
Debub Global Bank has published a list of its shareholders with holdings ranging from 100 thousand birr to 15 million birr.
Debub Global was exempted from the latest directive requiring new banks to have at least 500 million birr in paid up capital before beginning banking activities, because it was already under formation before the directive was passed.