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BusinessCentral bank approves Bunna’s president

Central bank approves Bunna’s president

After months of controversy to appoint a president, the National Bank of Ethiopia (NBE) has approved the appointment of Tadesse Chinkel, as the president of Bunna International Bank SC effective May 11, 2017.

It has been almost six months of back and forth between the NBE and the bank’s board of directors.

Tadesse, who has been the vice president of the bank under the presidency of Eshetu Fantay, was serving as acting president until his appointment to the post. Eshetu resigned from his position after a severe car accident made him not to be able to continue his presidency at the bank.

The new appointment came as a surprise for many as the bank’s board of directors had appointed Negusu Gebregziabher, the former president of Lion International Bank SC on February 7, 2017.

Negusu’s appointment was not fully agreed upon by the members of the board of directors resulting in the replacement of Negusu by Tadesse.

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According to sources, Negusu’s appointment was not fully agreed upon by the board of directors. The board submitted Negusu’s appointment to the central bank without fully agreeing upon on his appointment.

The same sources told The Reporter that few from the board have then changed their minds and agreed on Tadesse’s appointment as a president of the bank.

Upon Eshetu’s departure, Tadesse Chinkel, former deputy president of the bank took over as acting president. Tadesse has worked for Bunna for the past one year. Tadesse has four decades of experience in the banking industry.

He has served as an acting president three times: during the departure of Bunna’s first president, while Eshetu was on sick leave after the car accident, and after his resignation.

“His appointment has come as a surprise,” a board member told The Reporter.

Established eight years ago, Bunna, as of June, 2016, has increased its branches to 107. The bank controls around four percent of the total income of all the private banks. Last reporting year, the bank has reported a profit after tax of 187 million birr, a 40 percent growth from the previous year.

Tadesse Chinkel will be Bunna’s third president.

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