Ethiopia’s nascent stock market is set for its first meaningful expansion after the Ethiopia Securities Exchange confirmed six banks have advanced toward Main Market listings, positioning the bourse for broader investor participation before the fiscal year closes.
- •The ESX said Awash Bank, Dashen Bank, Bank of Abyssinia, Abay Bank, Anbesa Bank, and Amhara Bank have all received approval in principle, a key regulatory milestone that clears issuers to proceed toward full listing once final disclosure and registration steps are completed.
- •The ESX, which launched in 2025, operates under the oversight of the Ethiopian Capital Market Authority and is supported by newly established capital market infrastructure, including mandatory dematerialization of securities, a central securities depository, and licensed trading members.
- •Exchange officials have said multiple listings are targeted before the end of the fiscal year, with additional financial and non-financial institutions at various stages of preparation.
Approval in principle signals that the banks have met the exchange’s initial eligibility requirements, including governance standards, corporate structure, and listing readiness. The issuers are now finalizing securities registration with the Ethiopian Capital Market Authority and completing prospectus disclosures, the last mandatory steps before listing and the start of secondary market trading.
Dashen Bank and Bank of Abyssinia are the most advanced in the process with both having completed securities registration and published prospectuses, placing them closest to listing and first-day trading. Dashen Bank has also undertaken a rights offer to existing shareholders ahead of its planned listing, a move aimed at strengthening capital buffers and aligning its balance sheet with public market expectations.
Awash Bank, Abay Bank, Anbesa Bank, and Amhara Bank are at advanced stages of regulatory review and disclosure preparation. Once ECMA approval is secured, they are expected to list by introduction, allowing existing shares to trade on the exchange without an immediate public offer.
Commercial banks dominate Ethiopia’s private sector balance sheets, deposits, and credit creation, making them the most systemically important and disclosure-ready candidates for early listings. The successful listing and trading of the six lenders will serve as a critical test of investor appetite, market infrastructure, and regulatory execution as Ethiopia transitions from market setup to the early stages of capital formation.
