Regulatory Alerts2016-11-01
Added · Updated
Guideline on Manner of Relinquishing Shareholdings of Foreign Nationals of Ethiopian Origin in a Bank or an Insurer
The National Bank of Ethiopia requires privately owned banks and insurers to refund shares held by foreign nationals of Ethiopian origin at par value and cancel unpaid subscriptions as of June 30, 2016. Shareholders must surrender share certificates within 60 calendar days of the first public notice, after which institutions must transfer the par value to a temporary asset account and sell the shares via open public auction within 60 days. Dividends accrued after June 30, 2016, are credited to the Ministry of Finance and Economic Cooperation, and any excess funds from share sales are transferred to the Central Treasury. The guideline entered into force on October 28, 2016.
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