Ethiopia: Development Bank purges top management

The Development Bank of Ethiopia (DBE) has got new Board chair, President and multiple VPs since the beginning of the year.

The Development Bank of Ethiopia (DBE) replaced four of its five vice presidents on May 2. 

The VPs that lost their positions are Almaz Tilahun, vice president of finance and banking management, Teka Yibrah, vice president of corporate services, Dereje Awgichew, vice president of project financing and Tadesse Hatiya, vice president of credit management.

However, one of the VPs, Teshome Alemayehu, is spared and stays as vice president of Lease Finance and Branch Operations.

The new president of the DBE, Getahun Nana, has replaced the four with Endalkachew Mihretu, Getachew Waqe, Hadush Gebreegziabher, and Haileyesus Bekele.

Image – Logo of Development Bank of Ethiopia (DBE)

Endalkachew Mihretu was director of International Banking at Bunna International Bank while Getachew Waqe, Hadush Gebreegziabher, and Haileyesus Bekele were director of Branches Operation and Coordination, Mek’ele District Manager and VP of Corporate Office of the DBE, respectively.

The new VP assignments have to be approved by the National Bank of Ethiopia.

The new president of the DBE, Getahun Nana, who was previously the Deputy Governor of the National Bank of Ethiopia, took office at the end of December replacing the long-serving President, Issayas Bahre.

At the time, the Board of the Bank also got a new chairman, Minister Shiferaw Shigute, who is also the Coordinator of the Democracy Building Affairs Coordination Center, a new unit of the Prime Minister’s Office. Hailemeskel Bekele, who was the president of the former Construction and Business Bank, was assigned as Advisor and Vice President for the DBE.


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