How Much Ethiopian Bank Presidents Make?

Bekalu Zelleke, president of the Commercial Bank of Ethiopia

(Addis Fortune/All Africa Global Media via COMTEX)

The banking sector, comprising a total of 15 banks, is the highest performing in the country, showing a record performance every year, through boom and bust. As such, Fortune takes a look at some of the people at the helm of these banks. Although most of the presidents were unwilling to reveal their salary, sources in the know have disclosed the basic salary of some. While some are under negotiation for an increase, the amounts, which are without benefits, reveal the presidents to be among the highest paid people in Ethiopia.

United Bank

36,000 Br

Berhanu Getaneh, president of United Bank
Berhanu Getaneh, president of United Bank

Berhanu Getaneh, president of United Bank, is a married father of two, who was born in August 1964 in Addis Abeba. He graduated with a bachelor’s degree in management from Addis Abeba University in 1985 and with a master’s degree in business administration from The Open University, United Kingdom (UK), in 1998.

He worked as deputy manager of the Human Resources and Administration Department of the Construction and Business Bank from 1995 to 2000 and the Credit Department of the Bank of Abyssinia from 2000 to 2003. He has been the president of United Bank since 2005 after briefly serving as its vice president in 2005.

United Bank officially commenced operations on September 21, 1998. It had a paid-up capital of nearly 20 million Br as of June 2009 and recorded a gross profit of 283 million Br in 2009/10.

Oromia International Bank

Abie-sano ,President of Oromia international bank
Abie-sano ,President of Oromia international bank

Abie Sano, president of Oromia International Bank (OIB) and a married man, was born on October 15, 1974, in Sirie, Arsi, Oromia Regional State. He graduated from Addis Abeba University with a degree in accounting in 1998 and is awaiting graduation after completing all requirements for a master’s degree in business administration from The Open University, United Kingdom (UK). In 2005, he worked as the acting manager of the Corporate Credit Department and team leader of the Small and Medium Enterprises and Agricultural Loans Division of the Commercial Bank of Ethiopia (CBE). From 2006 to 2008 he was the president of the CBE and a special advisor to the board and chief executive officer (CEO) of OIB, and, last year, he took over as president.

OIB was established on September 18, 2008. It commenced operations with a capital of 110 million Br.

Cooperative Bank of Oromia

Assefa Dibaba, president of the Cooperative Bank of Oromia (CBO), who is married and a father of two boys and one girl, was born in May 1951. He received a bachelor’s degree in economics from Addis Abeba University in 1981.

He operated as the acting assistant vice president of the Commercial Bank of Ethiopia (CBE) from 2002 to 2003 and as the manager of Human Resources from 2004 to 2006. He then took the latter post again, for a short stint in 2006, at Wegagen Bank. Later that year, he took his reigns of the CBO.

The CBO had a paid-up capital of 110 million Br when it was established in March 2005. The 2008/09 auditor’s report revealed the bank as the only bank to report a decline in 2008/09 at 3.6 million Br compared to the previous year at 15 million Br.

Dashen Bank

39,395 Br

Dashen Bank ceo Ato Lulseged Teferi
Dashen Bank ceo Ato Lulseged Teferi

Lulseged Teferi, president of Dashen Bank, is married and a father of four. He graduated with a bachelor’s degree in business administration from Addis Abeba University in 1973, received a diploma in development banking from New Delhi Development Center in 1978, and a certificate in treasury management from City Bank in 1998.

He worked as general manager of Ethiopian Insurance Corporation (EIC) from 1994 to 1995 and as managing director of Nile Insurance Company (NIC) from 1995 to 1996 before he moved to Dashen Bank to serve as general manager of corporate operations from 1996 to 1999. He took the helm of the bank in 1999.

Dashen Bank, which was established a little over a decade ago, made 456 million Br in profits (unaudited) in the 2009/10 fiscal year and 352.4 million Br in 2008/09. Its deposits in the last fiscal year reached 10.1 billion Br while its nonperforming loans (NPL) came to three per cent.

Berhan International Bank

Belachew Bogale, president of Berhan International Bank
Belachew Bogale, president of Berhan International Bank

Belachew Bogale, president of Berhan International Bank (BIB), who is married and a father of two, was born in 1961 in Hosanna, Southern Nations, Nationalities, and Peoples (SNNP) Regional State. He received his bachelor’s degree in management from Addis Abeba University and his master’s in banking and finance from The Open University, United Kingdom (UK).

He worked in various positions at the Commercial Bank of Ethiopia (CBE) for 25 years, last serving as vice president of Corporate Banking before assuming the presidency at BIB in 2009.

BIB, which has a paid-up capital of 95 million and a subscribed capital of 137 million Br, received its license to operate in June 2009, making it the youngest bank in the sector.

NIB International Bank

30,000 Br

Amerga Kassa, president of Nib International Bank
Amerga Kassa, president of Nib International Bank

Amerga Kassa, president of Nib International Bank (NIB), who is married and a father of three, was born in 1947 in Shoa, Amhara Regional State. He received his bachelor’s degree in accounting from Addis Abeba University in 1972 and his master’s in banking and finance from Milan University in 1993.

He worked as manager of the Foreign Banking Department at the National Bank of Ethiopia (NBE) and as deputy general manager of International Banking at Awash Bank before joining NIB as deputy general manager in 1996. After serving seven years in that position, he became the president of the bank in 2006.

NIB commenced operations on October 28, 1999, with a paid-up capital of 27.6 million Br and authorised capital of 150 million Br. It now has over 3,000 shareholders, and its paid-up capital has reached one billion Birr. It made around 230 million Br in gross profits (unaudited) in the last fiscal year.

Zemen bank

40,000 Br

Birutawit dawit president of Zemen bank
Birutawit dawit president of Zemen bank

Brutawit Dawit, president of Zemen Bank, is a mother of three. She has a bachelor’s degree in management and international trade from Howard University, a master’s in business administration in applied economics, international trade, and management from George Washington University, a diploma in international banking from the University of Colorado, and a diploma in financial analysis of the service industry from Cornell University.

She served as the president of the Bank of Abyssinia from 1994 to 1995 and the president of Wegagen Bank from 1995 to 2002. She took a six-year hiatus from the banking sector, serving as country representative and chief of party for Agricultural Cooperative Development International (ACDI) from 2006 to 2008 and as managing partner of Bruabel GT Plc. She rejoined the banking sector in 2009 to become the president of Zemen Bank.

Zemen Bank was established in 2008 with a paid-up capital of 150 million Br and 2,800 shareholders. It recorded net profits of around 46 million Br (unaudited) in 2009/10, after which it became the first commercial bank to offer depositors 0.5 percentage points more on savings interest than the four per cent imposed by the central bank.

Commercial bank of Ethiopia

14,116 Br

Bekalu Zelleke, president of the Commercial Bank of Ethiopia
Bekalu Zelleke, president of the Commercial Bank of Ethiopia

Bekalu Zelleke, president of the Commercial Bank of Ethiopia (CBE), is the youngest president in the local banking industry at 36. He received his bachelor’s degree in accounting from Addis Abeba University.

After working in various positions at the CBE, and working his way up to the vice presidency in a little less than seven years, Bekalu took over the helm of the bank on November 17, 2008.

Established in 1942, the CBE is the oldest commercial bank in Ethiopia. Although the CBE has slowly been losing its market share to newly emerging private banks, its size (54.8 billion Br in deposits) and earnings in 2010 (3.5 billion Br) helps it remain the dominant bank in the market. The bank made 2.8 billion Br (unaudited) in profits in the last fiscal year.

Source: tradingmarkets/Addis fortune

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