Documentation is complete and specialist recruitment is underway as the lender expands beyond commercial banking

Dashen Bank is awaiting final regulatory approval to launch a dedicated investment banking unit, with documentation complete and specialist recruitment underway, as the lender expands beyond commercial banking following its listing on the Ethiopian Securities Exchange (ESX).

The investment banking license is a separate approval from the share registration ECMA granted in December 2025.

CEO Asfaw Alemu told shareholders at the bank's 33rd ordinary and 29th extraordinary meetings on October 29, 2026, that the unit will underwrite initial public offerings, advise on mergers and acquisitions and facilitate securities trading, services that remain scarce in Ethiopia's financial sector.

"We are seeking skilled individuals for the investment bank, as the market currently lacks experienced professionals," Asfaw said.

Chairman Dulla Mekonnen said the unit is positioned to launch shortly.

The bank also operates Dashen Capital S.C. , a separate subsidiary providing investment banking, asset management, securities trading and corporate finance services, including underwriting for large projects. The new unit will operate within the bank pending licensing. Dashen Capital runs regular investor education programs.

The push comes after Dashen's registration with the Ethiopian Capital Market Authority (ECMA), approved in late December 2025.

The registration covers 14,336,972 existing ordinary shares and 2,206,906 new shares priced at 2,900 Birr each.

Existing shareholders held priority subscription rights from December 25, 2025, to February 11, 2026. Unsubscribed shares were then offered to institutional and retail investors, with the public phase closing on March 16, 2026.

The 6.4 billion Birr rights offer was designed to strengthen Dashen's capital buffers, support digital expansion, including the Dashen SuperApp, and fund growth in corporate, retail, MSME and interest-free banking. Deloitte's Ethiopian affiliate, D and T Ethiopia Management Consulting PLC, served as transaction advisor, with Tamrat Assefa Liban Law Office as legal counsel.

Dashen's ordinary shares began trading on the ESX main board on February 23, 2026, ending over-the-counter paper transactions for the bank.

The expansion aligns with ECMA's mandate under the Capital Markets Proclamation, which established the authority in 2021 to license investment banks, securities dealers and other intermediaries, and to oversee securities issuance, trading and investor protection.

The ESX launched in January 2025. Trading officially began in July 2025, with Wegagen Bank and Gadaa Bank as the first two listings. The exchange has since added Awash Bank, Ethio Telecom, Abay Bank and Bank of Abyssinia, and had targeted nine listings by the close of the 2025/26 fiscal year. It has set a goal of 50 listed companies by 2030.

By mid-2026, ECMA had licensed seven investment banks out of 18 capital market service providers, including Nigeria's United Capital Financial Services PLC, the first foreign institution to receive an Ethiopian investment banking license, and Prime Capital S.C.

Ahead of listing, Dashen obtained a Ministry of Revenues clearance confirming settlement of 506,565,722.25 Birr in business profit, value-added and dividend taxes for fiscal years 2019 to 2024, though part of the amount remains under appeal. The ministry said it had "no objection to the bank's equity registration," and shares were dematerialized and credited to the Central Securities Depository for electronic trading.

For the 2025/26 fiscal year, Dashen reported revenue of 31.4 billion Birr, up 34 percent, total assets of 254.5 billion Birr, up 38.5 percent, deposits of 202.2 billion Birr, up 38.7 percent, and gross profit of 6.7 billion Birr, up 5.1 percent. Paid-up capital reached 14.3 billion Birr after a 2.3 billion Birr injection, above the National Bank of Ethiopia's requirements.