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The National Bank of Ethiopia gave a green light to Mulugeta Asmare to be president of Bank of Abyssinia (BoA) this week.
Mulugeta replaced Addisu Haba after the latter resign as president of the bank on September 1, 2014.
Mulugeta has been serving in the banking sector for the last 22 years of which 18 were at the Commercial Bank of Ethiopia in different positions and the last four years were at Bank of Abyssinia as a loan department head and for the last two years he was the vice president of the bank.
The newly appointed president has been the acting president of Abyssinia since September this year. “The decision is not unexpected and taking over the presidential duty is a very big responsibility,” Mulugeta told Capital.
He also stated that the bank will be evaluating its strategy and will devise a plan and move forward. “We will evaluate the bank’s strategy, identify its strength and weaknesses and we will develop a plan accordingly,” he said.
Besides his 22 years of experience in the banking sector, Mulugeta Asmare has a first degree in Accounting from Addis Ababa University and a Masters degree of Business Administration in International Business from the University of Greenwich in London.
Recently BoA stated that the Bank’s gross profit has reached 351.5 million birr, 270.71 million birr after tax, in the 2013-2014 fiscal year.
It was noted that profits had increased by 4.4 million birr compared to the last year’s performance.
BoA’s paid-up capital reached 1.53 billion birr, up by 424 million birr than last year. Total BoA assets also reached 11.3 billion birr. In addition, its income showed a 17.2 percent increase, reaching 1.01 billion birr in the 2013-2014 fiscal year.
At the end of this fiscal year BoA has a total of 107 branches, having opened 22 additional branches this year.
Bank of Abyssinia was established in 1996 with a paid up capital of Birr 50 million by 131 shareholders.