Getahun Nana assigned to head Development Bank

Getahun-Nana
Getahun-Nana

Prime Minister Hailemariam Desalegn appointed Getahun Nana, Vice Governor of the National Bank of Ethiopia (NBE) to lead the century old Development Bank of Ethiopia (DBE).

Behailu Kassaye (PhD), Public Relations head for DBE, told Capital that Getahun was appointed on November 30, according to a letter signed by the PM.

Two weeks ago the guardian of the state financial institutions, Public Financial Institutions Supervision Agency, removed Esayas Bahire, the former president of DBE.

Sources said that as per the previous trend the agency director, Sintayehu Woldemichael (PhD), was responsible for writing the appointment letter.

“In this case the PM directly assigned the new president, which indicates that the bank has been getting more attention from the government than before,” experts at the bank told Capital.

Meanwhile the agency is also directly responsible to the PM; the financial enterprise has become the right hand for the government’s development strategy that hopes to increase manufacturing and mechanized farming.

As private sector and foreign investment has grown, the bank has become more successful. Dr. Behailu said that based on the bank’s performance which closed on June 30, 2016 its total assets reached 52.2 billion birr, a huge increase from 5.6 billion birr on June 30, 2008.

Paid up capital grew significantly as well since Esayas took the position. The current paid up capital of DBE has reached at 7.5 billion birr. Eight years ago that amount was 1.8 billion birr. Experts said this shows how much the influence of the bank has grown recently.

Getahun was Vice Governor for Financial Institutions Supervision of NBE for the past seven years. He has worked over 20 years at the central bank.

Esayas is one of the long serving presidents of DBE in addition to Moges Chemere, who served for 12 year.

The current president of Enat Bank, Wondwossen Teshome took the position from Moges and served for close to three years until Esayas was hired in 2008.

The agency assigned Teshome Alemayehu, Vice President for Lease Financing of DBE, as acting president  for a few days when Esayas was removed from his post.

DBE is one of the three state owned financial firms that are overseen by the Public Financial Institutions Supervision Agency. The other two are Commercial Bank of Ethiopia (CBE) and Ethiopian Insurance Corporation. A fourth, Construction and Business Bank merged with CBE a year ago.