Executives of Nib Bank are looking to rebrand the first-generation financial institution's reputation on customer service and address liquidity issues. Upon taking the helm of leadership three weeks ago, Emebet Melese (PhD) wasted no time in terminating 10 high-level executives, including three of her vice presidents. The bold move was taken by surprise in the industry where human capital competition is currently heated up.

The Bank provides daily status reports to the central bank on key account balances, including its advanced fund utilisation. At the core of Nib Bank's crisis is illiquidity. Sources disclose billion Birrs of loan from the central bank with high interest, to honour a commitment to the depositors who are paid a seven percent interest. The general assembly of Nib Bank four months ago was marked by the intercession of senior officials from the central bank such as Belay Tulu, head of Insurance Supervision. He told shareholders that the central bank does not expect Nib's troubles to go away under the existing management.

An internal assessment based on the recommendations of the central bank's ongoing investigation resulted in Solomon Goshime, chief of corporate service officer; Sefiu Agenda, chief of customer & operation officer; Amine Taddese, VP of international banking; Abraham Tesfaye, VP for strategy & marketing; Melkamu Solomon, VP of human capital, Alemu Semaye, deputy chief of banking operation; Shiferaw Argaw, deputy chief of branch affairs, Ephrem Teshome, deputy chief of customer relationship, Sirak Yeferu, director of internal audit, Mulugeta Dilnesaw director of risk & compliance; receiving a letter of termination.

The details have not been made public. However, sources indicate that a seven-membered committee was involved in the assessment by comparing the former executives' activities with the procedure manuals and directives for banking operations by the regulator.

One of the terminated executives question the impartiality of the committee members in charge. He claimed that some of them had unresolved issues with the executives which may have influenced the result.

"We never got to see the report," he said.

Information related to branch performance, bonus payments, loans and contracts with external parties, dating back to three years, was part of the review, according to sources.

Another senior manager who was also let go said adequate information was reported to higher management and regulators at the central bank. He claims everyone was on the same page about Nib Bank's liquidity issues, and the climbing concentration of long-term loans and credit to the construction sector.

"We didn't have a mandate to act but report our findings," he said.

According to Emebet, the assessment began before she joined the Bank.