Ethiopia: Central Bank Approves Enat's New President

Ermias Andarge, third president of Enat Bank.

The National Bank of Ethiopia (NBE) has approved Ermias Andarge as the third president of Enat Bank beginning December 31, 2020. Ermias served as vice president of Enat for the past six years before replacing Wondwossen Teshome who resigned mid-last month.

A father of three, Ermias has been working in the banking industry for the past 23 years. He was employed at Bank of Abyssinia for 15 years in different capacities, the last of which was as finance director. He then joined Enat eight years ago and worked as director of finance and vice president in charge of corporate services.

Ermias had been working as Enat's vice president for the last six years until he was appointed as acting president on December 14, 2020. His predecessor, Wondwossen, had served for seven years as the head of Enat, which has 18,874 shareholders, after he was appointed to replace the founding president, Fasika Kebede.

Fasika left in October 2013 following a disagreement with the board of directors. Following Fasika's departure, Birtukan Gebreegzi, who was recently appointed as president of Wegagen Bank, served as acting president for over three months until Wondwossen was named the new head.

Ermias holds a diploma and a B.A. degree in accounting from Addis Abeba University School of Commerce and Addis Abeba University, respectively. He also obtained his master's degree in international business from the University of Greenwich in the United Kingdom.

Wondwossen, the outgoing president, has close to four decades of experience in management, supervision, consulting, and operational roles in the banking industry. He also worked as a senior advisor at the then Agency for Supervision & Regulation of State Banks and as president of the Development Bank of Ethiopia (DBE) between February 2006 and January 2009. Wondwossen received his baccalaureate degree in accounting from Addis Abeba University (AAU) and a master's degree in business administration, majoring in international business, from the University of Greenwich in London.

During the 2013/14 fiscal year, the year Wondwossen was appointed as president, Enat Bank registered an 84pc increase in its profit after tax to 53.1 million Br. Its paid-up capital also went up to 383.8 million Br.

Enat Bank's net profit reached 208.6 million Br in the last fiscal year, a modest 3.5pc increase from the year preceding his departure. The Bank also pushed its paid-up capital to 1.4 billion Br, registering a 15.7pc growth over the same period.

Ermias says that during his tenure his main task will be making the Bank the top choice for women across the country.

"I'll work to make Enat the preferred bank for women across the country as depositors as well as shareholders," said Ermias.

Last month, the central bank greenlighted Wegagen Bank's new presidential appointee, who moved from Enat Bank where she had been serving as vice president. Birtukan also played an instrumental role in the establishment of Enat, taking charge of overall strategic leadership and operational activities such as credit, domestic and international operations. Birtukan was also the first managerial hire appointed by Enat.

At Wegagen, Birtukan replaces Abay Mehari, former chief credit officer at the Commercial Bank of Ethiopia, who resigned his presidency a few months ago.

More From: Addis Fortune

Don't Miss

AllAfrica publishes around 600 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.