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Best of the best of today!

The Commercial Bank of Ethiopia and Wegagen Bank have obtained Ethiopia’s first investment bank licenses.
CBE Capital Share Company Investment Bank and Wegagen Capital Share Company Investment Bank are the first investment banks to receive these licenses.
These banks are independently established investment banks that exclusively operate in the capital market sector.
In addition, licenses have been granted to five capital market service providers.
It is stated that the licensed service providers have met the requirements and standards stipulated by the law.
Regarding these licenses, the Governor of the National Bank of Ethiopia and Chairperson of the Capital Market Authority Board, Mamo Mihretu, made an announcement today.
Governor Mamo Mihretu stated that the market will stabilize the country’s balance of payments, reduce dependency on foreign loans, decrease external debt, and contribute to macroeconomic stability.
It is said that the capital market, established to build a reliable financial system, will help create macroeconomic stability.
As the market is new, it was noted that opportunities have been created not only to regulate it but also to collaborate with relevant stakeholders.
Including investment banks and securities investment advisors, a total of nine capital market service providers received licenses today.
The Director General of the Ethiopian Capital Market Authority, Hanna Teklu, urged all those who received licenses today to work responsibly and in compliance with the law, emphasizing the accountability tied to their roles.
These investment banks differ from commercial banks in that they do not collect savings or provide loans.
Instead, we have heard that they can engage in investment advisory services and other capital market activities.
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