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Development Bank President Tenders Resignation

Sep 14 , 2020

Haileyesus Bekele, president of the Development Bank of Ethiopia (DBE), has resigned from his post as of September 10, 2020.

Haileyesus, who was previously vice president of the Bank in charge of credit management, was promoted to president on July 4, replacing Getahun Nana, who tendered his letter of resignation after serving the Bank for over a year and a half.

Haileyesus confirmed his resignation to Fortune and mentioned personal matters as the cause.

The board of DBE has accepted his resignation and limited him from appraising and approving loans during his transition period, according to sources close to the case.

Before he moved to DBE in 2016, Haileyesus was president of the then Construction & Business Bank (CBB), which was dissolved and absorbed by Commercial Bank of Ethiopia (CBE).

Over the past two years, DBE has been undergoing reforms after preparing a five-year reform strategy, which defined the operation of the Bank to addresses structural drawbacks. The Bank has been known to carry an abnormally high rate of non-performing loans, which went as high as 40pc two years ago.

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