Ahadu Bank President Sefialem Liben resigned last week, with the Bank’s board accepting his resignation on December 14. Sisay Gebru, who was the chief corporate service officer, has been appointed as acting president, pending approval by the National Bank of Ethiopia (NBE) within the next two weeks, disclosed Board Chairman Anteneh Sebsebie. Sefialem explained that his resignation followed extensive discussions with the directors’ board, culminating in a mutually agreed-upon departure. Having succeeded Ahadu’s founding president Eshetu Fantaye, Sefialem prioritized long-term sustainability during his tenure. With over 30 years of experience in the financial sector, he has worked at institutions like the NBE and other commercial banks. He holds a postgraduate degree in management and business administration from Addis Abeba University. Sefialem described the Bank as "my child." During his role as president, the Bank’s branch number grew from 22 to 104 while paid-up capital increased from 500 million Br to 1.1 billion Br. He pointed out that his focus since mid-2022 had been on enhancing income-generating activities through resource mobilization, international banking operations, and loans. He added that in his first year, the bank minimized losses and turned a profit in the following year, describing the period as a "joyful time." In the 2023/24 fiscal year, Ahadu Bank registered a net profit of 90.9 million Br, a turnaround from the 193.68 million Br loss incurred in the previous year, which had eroded 30pc of its paid-up capital. Sefialem told Fortune of his desire for shareholders to receive dividends and for the bank to reach five billion Birr in paid-up capital during his tenure as president. "I would have loved to see SMEs widely financed," he added. Looking ahead, he stated he aims to leverage his extensive experience to support the banking sector, especially with new developments like the capital market and entry of foreign banks.
Loading your updates...