31 August 2014

Ethiopia: Bank of Abyssinia Welcomes New President After Resignation

Addisu Haba is resigning as president of the Bank of Abyssinia (BoA), with Mulugeta Asmare, operations vice president, replacing him as acting president from September 1, 2014.

Addisu, an economics graduate from Addis Abeba University (AAU), has a Master's Degree in Banking and Finance from Italy. Prior to joining the BoA as president five years ago, the married father of two served in several positions at the Construction & Business Bank (CBB), including credit clerk and internal auditor, before rising to the post of president.

Since December 2013, he has been working as a president of the Ethiopian Bankers Association (EBA), which was established back in 2001 by three state-owned banks and six private banks; it now has a membership of 19 Banks.

"I worked a lot for the Bank during the last five years, so I am tired and need to get some rest," Addisu told Fortune.

The Bank was established in 1996 with 50 million Br in authorised capital, 17.8 million Br paid-up capital and 131 shareholders. Currently, the bank has 1,515 shareholders and 400,000 account holders, with total deposit of 9.4 billion Br, 103 branches across the country and 3,000 employees.

Addisu submitted the resignation letter to the bank's board of directors, which has 10 members and is chaired by Mehari Alemayehu, on August 18, 2014. The board accepted his request last week, assigning a new acting president, Mulugeta, who has been working with the bank for four years, two of which have been as vice president.

Mulugeta has a BA Degree in accounting from AAU and obtained his Masters of Business Administration from Greenwich University, England, by specialising in International Business. He has worked in the banking sector for 22 years, 18 of them at the Commercial Bank of Ethiopia (CBE).

"The first move will be finalising the 15 storey building we bought from Saca Plc, which will be the headquarters of the bank," Mulugeta told Fortune, adding that it would be difficult to make new changes in a short time.

The bank is planning to open five new branches in mid September, 2014.

"I want to stop and think for a while," said Addisu, while talking about his next move.

The Bank made an official goodbye program for its former president yesterday, August 30, 2014, at the Hilton Hotel.


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