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Berhan Bank Returns Former VP as President

Jan 10 , 2024

Directors of Berhan Bank have brought back Ermias Tefera as the new president, following a nod from regulators at the National Bank of Ethiopia (NBE), two days ago.

A seasoned banker and a father of two, Ermias has held several key positions in the industry, including vice president for operations at Berhan Bank. He was a chief inspector at Awash Bank, and headed the credit division of the state-owned Commercial Bank of Ethiopia (CBE), where he began his career, followed by a stint with Enat Bank.

An economics graduate from Addis Abeba University, Ermias was working as a private consultant before he was brought on board to lead Berhan Bank. His return comes at a critical time, as he acknowledged the challenges ahead in revitalising the Bank's profitability, a source of disappointment to shareholders.

"I'll be looking inwards to fix the problems," he told Fortune.

Ermias assumes the leadership, succeeding Girum Tsegaye, who resigned two months ago due to disagreements with the Board of Directors. Under Girum's presidency, the 15-year-old Berhan Bank faced scrutiny from shareholders who voiced dissatisfaction during the general assembly held in December, over the Bank's modest growth.

Berhan Bank reported a 6.3pc growth in profit and a 15.6pc increase in Earnings per Share (EPS). The weighted average of EPS for 15 private banks, including Berhan Bank, was 38.4pc last year.

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