Fortune News | Apr 03,2021
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.
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