Zemen Obtains New Board, President

The Bank brought six new faces to the helm of the board of director

The new board of directors of Zemen bank, which consists of nine members, get a green light from the National Bank of Ethiopia (NBE). Chaired by Abebe Dinku (Prof), new board composition gets the central bank’s approval on February 26, 2018.

Former chairperson of the board Amare Habe, who has LLB in Law and MA in development economics, continues as a member of the new board of directors.

The members were elected during the latest general assembly of the bank that was held in November 2017. During the assembly, the shareholders brought six new faces to the helm.

Abebe, Tewodros Atlabachew (PhD), Emana Getu (Prof.), who vied with Tassew Woldehana (Prof.) to head Addis Abeba University (AAU), are the new members along with Mieraf Shewaye, Addisalem Kedir and Wegayehu Weldeiyesus.

The former chairperson Amare, Bezuwork Mamo and Mikre Ayalew will serve as a board of director for a second term.

Abebe, the fourth chairperson of Zemen’s board, is married and a father of two boys. He was born in 1959 in Addis Alem, 45Kms west of Addis Abeba. Abebe obtained his doctoral degree in civil engineering from the University of Stuttgart, Master of Philosophy Degree in Civil Engineering and M.S.c in Construction Engineering from the University of Leeds in the UK, and a B.S.c. Degree in Construction Engineering from AAU.

He has been serving AAU’s Institute of Technology in different positions since his graduation.

“That is a plus for Zemen,” said financial expert with over three decades of experience. “All banks have to give an equal emphasis in diversifying the qualifications of the board of directors.”

Neway Berhanu, managing director of Calibra Hospitality & Consultancy Group Plc, is one of the outgoing board members after serving the bank for two terms.

“We have done what we could for Zemen,” Neway said. “The three directors who served with the outgoing members will guide, support and steer future works with the newly installed board members.”

Designing and implementing ‘Zemen’s Five-Year Strategy’ is one of the successes mentioned by the former board of directors. Established in 2008 with the initiation of Ermias T. Amelga, Zemen increased its branches to 23.

Recently the Bank also changed its long-serving president Tsegay Tetemke with Dereje Zebene, former vice president of Awash Bank, as its new president. NBE also approved the presidency of Dereje.

“I wanted to retire exactly six months ago,” said Tsegay, a father of four had served the bank since 2010, “however, I had to stay to fill the managerial gap that may occur; that is a procedural adherence I believe in.”

“I believe the new board will be an active player to support the management achieve Zemen’s vision of becoming ‘Ethiopia’s Five-Star Bank’,” said Dereje.

During the past fiscal year, the nine-year-old Bank registered a 30pc growth in profits to 264.5 million Br whereas its earnings per share (EPS) increased by 17 Br to 384 Br, four percentage points higher than the industry average.

The new board of director has to work on aspiring the future, as competition in the banking industry might not continue blocking foreign banks from entering, recommends the expert.

“Our focus will be reforming the current strategy of the bank,” said Abebe. “and finalising the under-construction headquarters of the bank.”

Zemen has contracted China Wu Yi Ltd to construct its headquarters for 1.2 billion Br. The 32-storey building with 130m height is in the financial district around a place known as ‘Biherawi’. It is landed on a 2,304sqm, and its construction has reached 30pc completion.



Published on Apr 06,2018 [ Vol 18 ,No 936]



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