Brutawit Dawit, a veteran banker with extensive experience in the financial sector, has been appointed to lead Ethiopia’s one of the first investment banks, Wegagen Capital Investment Bank S.C.   (WCIB), which received its official license last week.

Aklilu Wubet (PhD), Wegagen Bank's president and board chairperson of the newly established investment bank, voiced optimism about the WCIB's potential role in the emerging capital market. According to Aklilu, companies wanting to sell shares publicly need institutions capable of conducting thorough feasibility studies and providing essential advisory services. He disclosed that Wegagen Bank, the only listed company with the Ethiopian Securities Exchange (ESX), plans to leverage these opportunities and establish a presence in every listed company within the nascent capital market.

Aklilu told Fortune, Brutawit was selected for this role because of her foundational contributions and comprehensive financial expertise.

Her career spans noteworthy leadership roles, including leading the founding committee of the Bank of Abyssinia, serving as president of Wegagen Bank for seven years, heading Zemen Bank for two years, and dedicating more than a decade to independent financial consulting.

Widely regarded as a trailblazer for women in the domestic financial sector, Brutawit has over 30 years of experience in finance and international development. She earned an undergraduate degree in management and international trade from Howard University and an MBA from George Washington University, both in the United States. Her professional qualifications include international banking and financial analysis diplomas from the University of Colorado and Cornell University.

Early in her career, Brutawit spent 15 years at the American Bankers' Association, followed by seven years at the World Bank, cultivating expertise in research, training, and policy formulation. She consulted for prominent institutions such as the National Bank of Ethiopia (NBE) and the African Development Bank (AfDB). Her international background offered Brutawit a perspective on global banking practices, which she brought back to Ethiopia in the mid-1990s.

Upon her return, she made history by becoming the first female president of Wegagen Bank in May 1997. During her seven-year tenure at Wegagen, she was credited for spearheading growth initiatives and introducing new banking practices, including extensive staff training programs and technological enhancements designed to improve customer service.

After leaving Wegagen Bank, Brutawit continued. In 2009, she became president of Zemen Bank, a new entrant targeting corporate and affluent customers. A novel one-branch marked her leadership at Zemen, a technology-focused strategy focusing on tailored financial products and targeted customer service. Brutawit eventually resigned from Zemen during times of regulatory turmoil, as the National Bank of Ethiopia (NBE) suspended Zemen Bank's board of directors, led by Ermias Amelga.

In 2012, Brutawit, a mother of two, was tapped to lead the formation of Enat Bank, a financial institution dedicated to empowering women economically. Although she was initially nominated as the Bank’s founding president, regulators' reluctance to approve her nomination led the position to another candidate.

In the mid-2000s, Brutawit expanded her career to include international development roles, serving as the country representative and Chief of Party for ACDI/VOCA, a global non-profit organisation focused on agricultural development and economic cooperation. More recently, Brutawit directed her attention to the microfinance sector, serving as CEO of Lefayda Microfinance, where she used her sector expertise to extend financial services to grassroots communities.

Now at the helm of Wegagen Capital Investment Bank S.C. (WCIB), Brutawit faces the challenge of leading Ethiopia’s one of the first formal investment banking institutions.

WCIB entered the market with an initial capital of 385 million Br, with parent company Wegagen Bank holding a 86pc stake and Africa Insurance controlling an additional five percent. According to Brutawit, the investment bank’s immediate objective is to provide advisory and brokerage services to companies listed in the capital market. She plans to expand into asset and wealth management, a move expected to create job opportunities.

However, given Ethiopia’s limited expertise in investment banking, WCIB will initially recruit expatriate professionals.

Hana Tehelku, director general of the Ethiopian Capital Market Authority (ECMA), stated the significance of Brutawit’s appointment, along with other female executives such as Tewedaj Gezahegn at HST Investment Advisors Plc, calling it "an encouraging development for gender inclusion in the financial industry."

The Authority granted licenses last week to four additional capital market entities, including CBE SC Capital Investment Bank, Ethio Fidelity SC, Equations Security Advisor Plc, and HST Investment Advisors Plc. According to Hana, the Authority conducted a rigorous licensing process, assessing financial stability, business strategies, risk management, and corporate governance standards.

"Quarterly financial reviews will be implemented to maintain ongoing market integrity," Hana said.