Lion International Bank (LIB) appointed Daniel G. Egziabher, marketing, planning and research department director, to be the acting president on Monday, March 15, 2010, the same day it accepted the resignation of its president Meressa G. Mariam.

Daniel has also become the bank's vice-president for finance, human resources, and marketing, a new position that has just been created, in addition to the position of the vice-president for credit, IT and branch affairs, currently occupied by Aklilu Wubet.

Daniel has an Economics degree from Mekele University and has been in banking for 14 years. He used to be head of the Mekele Branch, before he moved to Addis Abeba nine months ago with a promotion.

Meressa was the second president in two years for the bank, which has not been around for longer. The first president was Tsegaye Tetemke. Meressa, who has been in banking for 20 years, used to be a vice-president at the Construction and Business Bank (CBB).

Since his resignation on March 15, 2010, Meressa has not applied to other banks so far, sources disclosed to Fortune.

The June 2009 annual report of the bank stated that paid-up capital has reached 200 million Br and subscribed capital of 432 million Br. Its gross profits of 3.7 million Br was also 600 pc the previous year.

It has 6,392 shareholders and 19 branches in Addis Abeba, Tigray, Amhara, Afar, Oromia and Southern Nations, Nationalities, and Peoples (SNNP) regional states.

Six more branches are expected to be opened soon, three of them in Addis Abeba, according to a senior manager.