Sunday, July 21, 2024
BusinessBunna awaits CEO approval

Bunna awaits CEO approval

Bunna International Bank SC is still waiting for the approval of its new Chief Executive Officer, Nigusu Gebregziabher. The bank has applied to the National Bank of Ethiopia (NBE) after shortlisting Nigusu from three potential candidates who currently work as senior executives at private banks.

The Bank has already submitted its selection to the central bank.

It has been almost five months since the former president of the Bank; Eshetu Fantaye left the position upon resignation. Following his resignation two narratives have circulated his departure where some link it to pressure from the board where as other associated it with his health condition forcing him to leave the bank he presided for the past five years.

Eshetu was in a car accident that put him in hospital. He was admitted to Intensive Care Unit for injuries, including a fracture on his ribs as well as his leg. The car accident has occurred in February, 2016.

Eshetu was the second CEO of Bunna following the departure of the founding CEO, Negede Abebe. During Eshetu’s five year tenure as the CEO, Bunna has seen a 69 percent hike in its profit reaching 250 million birr, as of June 30, 2016.

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Upon Eshetu’s departure, Tadesse Chinkel, deputy CEO of the Bank took over as acting CEO. 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 CEO three times: during the departure of Bunna’s first CEO, while Eshetu was on sick leave after the car accident, and after his resignation.

Nigusu, a former president of Lion International Bank will be the third CEO for Bunna if the central bank approves his appointment.

Having almost 20 years of experience in the banking industry, Nigusu has spent most of his years at Commercial Bank of Ethiopia. He has served at CBE for 15 years working in different ladders of positions, including as vice president. He was also the president of Lion International Bank for three years.

During his stay at Lion, he has managed to increase the Bank’s profit from 75.4 million birr to 127 million birr.

He has a Masters Degree in Business Administration from Greenwich University.

According to National Bank of Ethiopia’s (NBE) directive, one has to have eight years of experience in banking, with half that time in a managerial position.

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 Br, a 40 percent growth from the previous year.

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