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Debub Global Appoints New Board Chairperson

Bikila Hurrisa (PhD)

Debub Global Bank has appointed Bikila Hurrisa (PhD) as chairperson of its board of directors, while Yonas Ayalew was named deputy chairperson. The two were nominated by shareholders during the Bank's regular general assembly held in December of last year. Debub Global has been in a pickle with the National Bank of Ethiopia (NBE) after being involved in "activities that compromise the financial health of the Bank and tarnish its reputation." As a result, dividends to shareholders from the Bank's earnings last year was suspended by the NBE. The Bank straightened out the issue with the NBE after fulfilling its forex liabilities in two rounds, though some still remains outstanding, according to Tesfaye Boru (PhD), president of the Bank. Accordingly, the central bank lifted the restriction on dividends to be distributed to shareholders last month. Debub Global Bank generated 292 million Br in net profits over the 2019/20 fiscal year, a 39pc growth from the previous year. It earnings per share stood at 347 Br during the same period.


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