FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo

Yohannes Takes the Helm at Amhara Bank’s High-Wire Act

Sep 13 , 2024

The head hunt for the Amhara Bank S.C. has come to an end with its Directors’ Board appointing Yohannes Ayalew (PhD) as its new president. Yohannes has been brought on board to steer the Bank through a difficult period the industry is going through.

Yohannes, recognised for steering the Development Bank of Ethiopia (DBE) out of financial turmoil and restoring its viability, assumed his new role on September 13. Yohannes resigned recently from the DBE, the state policy bank, recently, signalling a shift in his career, joining the private sector. He told last week that he has no plans to return to the public sector.

He did undergraduate and postgraduate studies in economics at Addis Abeba University and earned his doctorate from the University of Sussex in England. His career began in the research department of the National Bank of Ethiopia (NBE), where he later served as vice governor and chief economist for nine years. He has also held leadership positions at the Policy Studies Institute and served as board chairman and country director for Africa Trade & Investment Development Insurance.

He replaces acting president Chanyalew Demissie, who had been at the helm since December following the dismissal of the Bank's founding president, Henok Kebede. Now working for Ovid Construction Plc, trying to set up a new bank focused on mortgage financing, Henok’s departure came amid internal turmoil, as shareholders petitioned regulators to investigate the Bank's governance.

Over 20 shareholders and some management staff filed complaints with federal agencies, including the NBE and the Federal Ethics & Anti-Corruption Commission, alleging legal and corporate governance violations against several board nominees. The governance crisis led to leadership changes aimed at restoring stability.

A source at the NBE disclosed that while most board members received approval from the central bank, the cases of nominated Board Chairman Melaku Fenta and one other individual remain pending due to involvement with other federal institutions.

Amhara Bank has recently reported a gross profit of 377.2 million Br, a substantial rebound from a 460 million Br loss the previous year. Yohannes faces the challenge of sustaining this positive trajectory as he leads the bank, a third-generation financial institution, through its next chapter.

However, several banks with high exposure in forex liabilities have been hit hard due to the floating of the Birr against major currencies, eroding its value by over 100pc since the end of July this year.



Related Posts

Share This Post
Linkedin
Google+


Most read

Latest News

Editor's pick

Commentaries

Confronting Africa's Cost-of-Living Crisis

The rising cost of living in Africa has triggered a wave of protests in recent months...

The Health Crisis the World Fails to See, and Measure

The World Health Organization (WHO) annually summarises global progress on malaria co...

Fineline

Leaders of the National . . .

Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...

When the country’s most. . .

When the country's most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or two...

Editorial

Drowning in Budget Gap, Universities Chase Autonomy. Can They Afford It?

Sep 14 , 2024

Successive regimes share a common legacy: a deep-seated commitment to education as a...

The Road Ahead Remains Difficult. So Are Rewards for Getting It Right Profound

Sep 8 , 2024

Prime Minister Abiy Ahmed's (PhD) visit to China last week could mark a watershed mom...

Addis Abeba's Gleaming Makeover Shouldn't Leave the Vulnerable Behind

Sep 1 , 2024

Addis Abeba's skyline is being dramatically altered. Once characterised by unremarkab...

Addis Abebas Light Rail Dream Turns into a Clunky Nightmare. It Shouldn't.

Aug 25 , 2024

It may appear distasteful, unappealing and cumbersome to sight. But, the Addis Abeba...

Gallery

Parliament Approves New Cabinet Members

Oct 6 , 2021

Parliament Approves New Cabinet, Incorporates Opposition Leaders Lawmakers have approved today the nominations of 22 ministers, including three opposition leaders. Two MPs have voted against, while 12 abstained...

2020 in Posterity

Jan 5 , 2021

TIGRAY VOTES DESPITE "NULL & VOID" THREAT

Sep 9 , 2020

IN-PICTURE: LAUREATE'S RECEPTION  

Dec 14 , 2019

PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize

May 6 , 2019

Faces, Voices of Addis Abeba

Apr 26 , 2019

Sunday With Eden

It's 30 for a Reason... Or Is It?

I recently witnessed a candid exchange between parents and their adult daughter, now in her early 30s. Their advice was direct—she needed...

Finding Joy in the Everyday I find my outlook on holidays shifting. What was once primarily a time for gifts and gatherings has grown int...

Life Matters

Cultivating Reason Amidst Weeds of Emotion

I am not one to engage in New Year's resolutions. However, I do believe in acknowledging the aspects of...

Quest for Justice, Need for Societal Change

The recent tragic rape and murder of eight-year-old Heaven Awot has deeply shaken the nation. Her heartbr...

Back
WhatsApp
Telegram
Email