Hibret Bank’s board of directors, chaired by Samrwit Getamesay, has nominated Tsigereda Tesfaye as its sixth president, submitting the request for regulatory clearance to the National Bank of Ethiopia on January 21, 2025.
Tsigereda emerged from a final shortlist of three candidates and will become the third woman to head a bank if approved, following the appointments of Emebet Melese (PhD) at the Development Bank of Ethiopia (DBE) and Melika Bedri at ZamZam Bank. She is set to replace Melaku Kebede, who stepped down months ago after nearly two decades with Hibret Bank and previously served in senior roles at Zemen Bank.
A graduate of Addis Abeba University, he was previously a senior executive at Zemen Bank before returning to Hibret in top leadership. During his tenure, he oversaw the launch of multi-channel banking services, introduced interest-free banking, and implemented a Broadband Local Money Transfer system. He also guided the Bank’s early push into technology, championing an ambitious internal systems upgrade to boost efficiency.
Nonetheless, in his final year, Hibret Bank suffered considerable losses from its foreign currency earnings following the liberalisation of the forex regime in July last year.
However, Hibret Bank reported robust growth in the 2023/24 fiscal year, as net profits reached 2.3 billion Br and revenue rose by 28.1pc to 13.23 billion Br. The Bank’s total assets climbed 16pc to 96.58 billion Br, while deposits grew by 15.6pc to 74.65 billion Br. Loans and advances stood at 68.89 billion Br, with earnings per share (EpS) hitting 383 Br. During the year, Hibret opened 26 new branches, expanding its network to 499.
The Bank’s equity also grew, increasing by 3.27 billion Br to 12.65 billion Br. The Bank also invested 50 million Br in equity in the Ethiopian Securities Exchange (ESX), adding to its broader strategy of strengthening its market presence.
Acting president since August 2024, Tsigereda brings three decades of banking experience. She did her undergraduate studies in business management and an MBA in finance from Addis Abeba University. Her career began at the Construction & Business Bank (CBE) in 1995, where she rose to lead its general accounts division by 2003. She moved to Dashen Bank as head of credit analysis before joining Hibret Bank in 2004.
Over two decades at Hibret, she held successive roles in credit and risk management, advanced to assistant vice president for credit management, and later became senior vice president of business and operations.
Since joining the industry, Tsigereda has observed that senior leadership often remains out of reach for many women. According to her, the slow progress in the banking industry echoes concerns shared by peers. Melika has led ZamZam Bank S.C. for four years, having formerly served as Chief Financial Officer (CFO) at the Commercial Bank of Ethiopia (CBE). Emebet assumed the presidency of the DBE after briefly heading Nib Bank last year.
Underrepresentation of women persists in the banking industry, according to financial consultant Tilahun Girma.
“The sector has long been governed by the belief that men are more suited to lead banks,” he said. “Recruitment policies need reform.”
He urged institutions to promote in-house talent.
Tsigereda credited her ascent to commitment and perseverance, remaining at Hibret Bank despite offers from elsewhere.
Colleagues say her decision to stay at Hibret Bank through demanding times reflects her deep commitment to the institution. She played an instrumental role in strategic initiatives, especially in risk management, which they regard as critical for the Bank’s growth. Her continued presence over the years has enhanced her reputation for reliability and expertise, qualities that, individuals close to her believe, will help her guide Hibret Bank through technological shifts and heightened competition.
“I plan to advance the Bank’s vision, prioritising digital expansion,” she said.
PUBLISHED ON
Jan 25,2025 [ VOL
25 , NO
1291]
Dec 22 , 2024 . By TIZITA SHEWAFERAW
Charged with transforming colossal state-owned enterprises into modern and competitiv...
Aug 18 , 2024 . By AKSAH ITALO
Although predictable Yonas Zerihun's job in the ride-hailing service is not immune to...
Jul 28 , 2024 . By TIZITA SHEWAFERAW
Unhabitual, perhaps too many, Samuel Gebreyohannes, 38, used to occasionally enjoy a couple of beers at breakfast. However, he recently swit...
Jul 13 , 2024 . By AKSAH ITALO
Investors who rely on tractors, trucks, and field vehicles for commuting, transporting commodities, and f...
Feb 16 , 2025
Madame Kristalina Georgieva, managing director of the International Monetary Fund (IM...
Feb 9 , 2025
This week, the African Union's (AU) annual summit in Addis Abeba is set to be more th...
Feb 1 , 2025
Urban renewal is seldom gentle to those on the receiving end of redevelopment. Take s...
Jan 25 , 2025
Grand ambitions have long driven Ethiopia's successive leaders, but they remain weigh...