Capital Ethiopia Newspaper

NBE approves board members for Enat Bank

The National Bank of Ethiopia has approved 10 of the nominees of Enat Bank Share Company

for the position of members of Board of directors to head the fledgling company which plans to start banking operations in early 2012.
According to Abraham Alaro project manager at Enat Bank S.Co., NBE approved all the original nominees but one,  Tsegaye Tetemke, who holds the position of bank president at Zemen Bank. He was barred from the position of board member for Enat Bank because of the directive that bans other bank members from holding positions in other banks to avoid conflict of interest.
Enat Bank held their general assembly meeting on July 9, 2011 where 11 board nominees for the bank were selected for board of directors’ positionand the nominees were sent to NBE.
The approved nominees are Meaza Ashenafi, renowned women rights advocate and one of the first founders of the Ethiopian Women Lawyers Association (EWLA), Aster Solomon, Nigist Haile (CAWEE), Doctor Assefa Bekele, Chanyalew Yilma, Nigatur Tesfaye, Nestanet Mengistu, Doctor Kassahun Aberu, Mekete Shiferaw and veteran diplomat Ambassador Konjit Sine Giorgis.
The new board of directors will choose a new chairperson.  
Enat originally had 18 nominees which were progressively whittled to 11 by NBE and finally 10; which NBE then approved to be members of the Board of Directors.
Enat has recently nominated Birtukan Gebre Ezgi to be founding member of the bank. 
Enat together with Debub Global Share Company are the only two banks under formation that are exempt from the recent directive drafted by NBE which stipulates banks under formation should have at least 500 million birr paid up capital to start banking operations. This is because they already finished forming the bank before the new rule.
It however is bound by another provision of the directive which stipulates that it has to achieve the 500 million birr paid up capital by June 30, 2016. Abraham does not feel they will have any problems with this.  The bank has so far more than 7,000 shareholders of which more than 60 percent are women, with over 110 million birr paid up capital and 250 million birr subscribed capital. Enat is an Amharic word for “mother” and the bank although not exclusively but mainly aims to open business inroads for prospective businesswomen and potential female clients, which it said has not been adequately addressed by other financial institutions.