Mass Suspension at Cooperative Bank of Oromia




Regulators at the National Bank of Ethiopia (NBE) have suspended in mass senior executives of the Cooperative Bank of Oromia (CBO), pending a probe on the bank’s foreign exchange operations, sources disclosed to Fortune.

The latest measure against the bank includes CBO’s Board Chairman, Abera Deressa, a former state minister for Ministry of Agriculture & Rural Development (MoARD). The Bank’s President, Wondimagegnehu Negera, has also been suspended from office along two of his deputies, Abebe Tilahun and Tollosa Beyene, vice presidents for resources and service management, and core services management, respectively. CBO’s director for international banking division is also a subject of the suspensions by the central bank.



Published on Sep 23,2015 [ Vol 16 ,No 803]


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