Bank of Abyssinia (BoA), appointed its interim president Mulugeta Asmare, 46, as the eighth president of the bank as of December 4, 2014, with the approval of the National Bank of Ethiopia (NBE).
Mulugeta Asmare, a married father of three, has been serving the Bank for the past four and half years, after joining it by the invitation of the former president of the Bank, Addisu Habba, who recently moved to Debub Global Bank after five years with Abyssinia.
Before he moved to BoA, Mulugeta, who has worked in banks for the past 22 years, had been working in the state owned Commercial Bank of Ethiopia (CBE) for 18 years at different levels of power, including district manager, main office head and finally, credit director. He left the state giant in 2010.
Mulugeta joined BoA in March 2010 as credit directorship, becoming operations vice president in 2012.
The board of directors approved his position on the meeting held on November 4, 2014, and sent the request for approval to the NBE. The NBE subsequently approved the request on December 4, 2014.
According to the NBE proclamation Requirement for persons with significant influence in a bank SBB 54/ 2014, a banks president needs to have a BA from a recognized university and should have 10 years of experience in the banking industry from which five should be in a managerial post.
Mulugeta, who had received his BA degree from Addis Abeba University in accounting and his Masters degree from the Greenwich University, England in Business Administration, has been in the banking sector for the past 22 years starting with clerkship all the way to the presidency.
“As I have been in the Banking sector passing through the ups and downs, there will not be anything new that I need to get used to,” Mulugeta says.
The Bank had registered a profit of 271 million Br, showing a decrease of one percent from the preceding year. It has also reported 38 Br of earnings per share, which is a 24pc lower than the June 2014 fiscal year. BoA was established in February 1996, with a subscribed capital of 25 million Br, 50 million Br paid-up capital, and 131 shareholders. It now has more than 1,600 shareholders and the paid up capital has reached 924 million Br.
The bank has also mobilized a deposit of 9.1billion Br, an increase of seven percent from the previous year’s performance, and has disbursed loans and advances amounting to 5.1 billion Br.
“I came to this position at a time when the Bank is in good standing and my job will be to make sure that these achievements are kept up,” stressed Mulugeta.
From the four banks whose presidents resigned, namely Berhan International Bank, Lion International Bank, Debub Global Bank and BoA, only Berhan International Bank has yet to assign a new president.
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