Enat bank operational in October


Enat Bank Share Company which hopes to be the newest bank to enter the fledgling Ethiopian Banking Industry revealed that it plans to start its long awaited operations in October.
Fasika Kebede, President of Enat Bank said they’ve already rented a building on Bambis road in front of Yordanos Hotel, and that infrastructural work is being undertaken to ready it for the formal launching ceremony in October. “During the Ethiopian fiscal year 2012/13, the bank will focus  on setting up branches across Addis Ababa to solidify its position, and plans to open up regional branches in the next fiscal year 2013/14,” said Fasika  adding that its shareholders number so far has reached 7,122 with a subscribed capital of around 250 million birr.  
The newly appointed president, Fasika Kebede comes after an arduous process to select a solid candidate for the position, say sources.
Enat Bank is formed with a mission of empowering women in business. Together with another bank that is under formation, Debub Global Bank Share Company, Enat Bank’s formation barely passed central bank’s resolution issued in September 2011 that made a threshold capital of half a billion Birr a requirement to form a commercial bank.
Enat Bank held its general assembly meeting on July 9, 2011 where 11 board nominees were selected for the board of directors’ position with the nominees’ names being sent to the National Bank of Ethiopia (NBE) for approval.
One nominee Tsegaye Tetemke, who holds the position of bank president at Zemen Bank, was barred from the position of board member for Enat Bank due to National Bank’s directive that bans board members from holding positions in various financial institutions to avoid conflict of interest.
The 10 approved Board of Directors members 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), Dr. Assefa Bekele, Chanyalew Yilma, Nigatu Tesfaye, Nestanet Mengistu, Dr. Kassahun  Aberu, Mekete Shiferaw, veteran diplomat Ambassador Konjit Sine Giorgis.