SBB/47/10 Time Limit for Reduction and/or Relinquishing Shareholdings

The National Bank of Ethiopia has issued Directive No. SBB/47/2010, which sets a 36-month time limit for individuals to reduce their shareholdings in banks to 5% or less and for influential shareholders to relinquish their holdings in other banks. The directive, effective August 16, 2010, aims to implement the Banking Business Proclamation No. 592/2008 and non-compliance will result in penalties in accordance with the proclamation.