19 May 2018

Ethiopia: Development Bank President Tenders Resignation

Getahun Nana, president of the Development Bank of Ethiopia (DBE), has tendered his letter of resignation to the Office of the Prime Minister.

Getahun has served the state policy financer, DBE, for the past two years moving from his former post as vice governor of the National Bank of Ethiopia (NBE) for Financial Sector Development. He came to DBE replacing the long-serving president of the Bank, Essayas Bahre.

He submitted his resignation after DBE's board meeting that was chaired by Shiferaw Shigute, minister of Agriculture & Livestock.

Based on the bank's nine-month report, DBE has improved its Non-Performing Loan (NPL) ratio. NPL has faded from 28pc to 20.54pc. The NPLs ration has fallen mainly from the manufacturing and commercial farming sectors. As of January 2018, DBE's NPL ratio was 8.6 billion Br, according to the Bank's report.

Getahun was appointed as Vice governor of the central bank by the late prime minister Meles Zenawi in December 2009. He was appointed along with other vice governors, namely Yemane Yoseph as Vice Governor for Corporate Services, and Yohannes Ayalew (PhD) as vice governor for Monetary Stability and Chief Economist. Before he was assigned as a vice governor, Getahun was head of the Banking and Insurance Supervision Department.


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