Siinqee Bank, one of Ethiopia's private banks, has announced a new ETB 50 million investment in the Ethiopian Securities Exchange (ESX).
With this investment, Siinqee will obtain a stake of slightly over five percent in ESX.
Last month, Zemen Bank became the first financial institution to invest in ESX, purchasing a 5% stake worth approximately ETB 47.5 million.
ESX aims to raise a total target of 625 million Ethiopian Birr from corporates and institutions to expand its trading platform and services.
So far, an additional 275 million birr has already been secured from four state-owned enterprises backed by Ethiopia Investment Holdings and FSD Africa.
