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The financial supervising body, the National Bank of Ethiopia (NBE), has approved the assignment of Tadesse Chinkel Kidanewold, who served as acting president on three different occasions, as President of Bunna International Bank (BIB).

The central bank gave the green light on May 10 after the Board of Directors of BIB filed its approval request.

Abebaw Zewde, Public Relation and Communication head of BIB, told Capital that the appointment letter was signed by Tibebu Eshete (Eng), Broad Chairman of BIB, and given to Tadesse and other managers on Thursday May 11, a day after the approval came from NBE.

Tadesse, who served the bank as acting president for the past six months, worked at BIB since its formation.

BIB, is a young, up and coming bank that began operating in 2009. It recently lost its long serving president, Eshetu Fantaye.

Since then the bank has been led by Tadesse. Previously the current president served as vice president for operations and head of the credit department.

Eshetu, who served the bank from mid 2011 up to the end of October 2016, resigned for personal reasons but sources said there was disagreement between him and the board over operational processes.

Tadesse also served as acting president for six months when Eshetu was off for treatment after a serious car accident in February 2016. The current president also served as interim president when the first president of Bunna, Negede Abebe, resigned in April 2011 and until Eshetu was assigned to the post.

The board has been attempting to find a new president for the past half year. It posted vacancy notices and shortlisted some candidates, but was unable to come up with unanimous agreement on a single candidate. Sources said that the board finally agreed on the candidacy of Tadesse and filed the approval to NBE.

Tadesse comes with over 40 years of banking experience. Before he joined BIB he was working at the Construction and Business Bank, the former state owned bank that merged with the other state financial giant Commercial Bank of Ethiopia last year.

Hiring presidents in the banking industry need to meet strong criteria set by the National Bank. In the past fiscal year BIB registered 38 percent more profit compared with the 2014/15 fiscal year. In 2015/16 financial year the bank’s pre-tax profits rose to 250 million birr, from 182 million birr in the 2014/15 fiscal year.

In the stated year BIB earned 735 million birr in revenue, a growth of 52 percent. A profit of 187 million birr in 2015/16 was registered, up from 134 million birr the preceding year.