Addisu Habba Tenders Resignation

The President of Debub Global Bank, Addisu Habba, has resigned from office as of July 1, 2019. Tesfaye Boru (PhD), vice president of the Bank, will replace him as acting president.

Addisu is also a leader of the banking industry, serving as president of Ethiopian Bankers' Association for the past seven years. He joined Debub Global Bank in 2014, leaving the same poaution at Bank of Abyssinia where he served for five years.

An economics graduate from the Addis Abeba University (AAU), Addisu did his postgraduate studies in banking and finance from an Italian university. Prior to joining the Bank of Abyssinia, he worked at the Construction & Business Bank in different capacities, including credit clerk and internal auditor all the way to the office of the president.

"He helped the Bank show an enormous change in the past five years," Nuredin Awol, board chairperson of Debub, told Fortune.

Over the past five years, the Bank's profit has shown a six-fold increase, growing from 18.4 million to 106.6 million Br in the last fiscal year. The Bank's paid-up capital also jumped to over half a billion Birr last year, from 177.3 million Br five years ago.

What prompted Addisu's resignation remains undisclosed. However, it could be as a result of sharp disagreements with members of board of directors over issues of interference, according to be people knowledgable of the development in the bank. His replacement who now fills as acting was a director for the department of knowledge and innovation at Zemen Bank, before he was appointed first vice-president of Debub Global Bank.

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