Debub Global to start in January
Debub Global Bank is to become the newest entrant to the banking sector in the new year. According to an official of the bank, 286 million birr of the 300 million birr it had planned to raise as subscribed capital has been locked so far and they have managed to sell about 150 million birr in paid up capital. Shares amounting to 5,481 have been purchased and presented to the National Bank of Ethiopia and are awaiting signature and verification from shareholders. The official said that the bank, which had a general assembly meeting held in the presence of NBE officials on September 20, 2010 at the Addis Ababa Millennium Hall has nominated some 30 potential people to sit on its board of directors; which will make up a dozen seats. He also said they have been waiting for six months to start banking operations after fulfilling the necessary criteria. It is also done to avoid the controversies that happened recently in other banks that have been accused of nepotism and favoriti