|8,550 Total Number of Shareholders|
|532.6 ml Birr= Total paid up Capital
|546.4 ml Birr= Total Subscribed Capital
Group of Saving and Credit Cooperatives in the City of Addis, organized under Addis Saving & Credit Cooperatives (AASCCU) initiated the process of establishing a cooperative bank known by the name Addis Cooperative Bank S.C. The number of founders that took the responsibility of organizing the bank was 21 and out of this 67% came from AASCCU.
The first General Assembly of the bank met on February 14, 2002 (Ethiopian Calendar) in the millennium Hall with shareholder owning Birr 152,723,000 and 106,324,040 subscribed and paid up capital respectively. Out of the total paid up capital 64.32% is owned by corporate shareholders (Cooperatives 48.04%, Share companies 11.13%, Iddirs 3.30%) and the rest 35.69% by individual shareholders.
All in all an estimated 63.34% of bank’s paid up capital is owned by Cooperatives and their members. The direct and indirect owners of the bank are estimated at 300,000 individuals. The cooperatives are engaged in saving and credit, distribution of consumer item, coffee marketing etc. Four unions (two coffee farmers, two saving and credit cooperative unions) are among the major shareholders of the bank. At primary levels, the following are the major shareholders:
- Ethiopian Airlines employees’ saving and credit cooperative
- Addis Ababa saving and credit cooperatives union
- Ethiopian road Authority employees’ saving and credit cooperative
- Ethio telecommunication Corporation (now Ethio Telecom) employees’ saving and credit cooperative
- Ethiopian electric power authority employees’ saving and credit cooperative
- Yirgachefe coffee farmers cooperative union
- Addis Ababa University employees’ saving and credit cooperative
- Ministry of Agriculture employees’ saving and credit cooperative
- World Vision international Ethiopia and
- Ministry of Foreign affairs employees’ saving and credit cooperative etc are among the owner cooperatives etc
Besides cooperatives, Addis credit and saving s institution, PEACE and Gasha Micro finance institutions are also another category of the banks owners. Several individual investors engaged in various business activates are also owners AdIB.
The ownership of the bank as of October 31, 2016, was as follows:
|S/N||Type of Shareholder||Number
Share ( in million Birr)
|% From Paid-up Capital|
|5||Private Limited Co.||20,480||20.5||3.8|