By Eyasu Zekarias
Amhara Bank has announced the appointment of Yohannes Ayalew (PhD) as its new Chief Executive Officer (CEO), effective September 12, 2024. Yohannes, who previously served as the head of the Development Bank of Ethiopia (DBE) for the past four years, will be taking over from Chanyalew Demsie, who has been acting CEO for the past nine months.
Yohannes’ appointment comes on the heels of his resignation from DBE, where he played a pivotal role in steering the institution through challenging times. His leadership was instrumental in addressing the bank’s financial difficulties, and he is expected to bring that experience to Amhara Bank as it continues to grow and expand its services.
The Board of Directors of Amhara Bank officially announced Yohannes’ appointment on September 13, 2024. His extensive background includes serving as a member of the management board of the Ethiopian Development Bank since December 15, 2011, as well as holding positions as Director General of the Ethiopian Development Policy Institute and former Deputy Governor and Chief Economist of the National Bank of Ethiopia.
Chanyalew Demsie, who has been at the helm of Amhara Bank as acting CEO since early 2022, submitted his resignation letter on September 9, 2024, shortly before the announcement of Yohannes’ appointment. Sources indicate that Chanyalew was unhappy with the decision to appoint a new CEO while he was still in the acting position.
Amhara Bank, established just a year ago with a capital of 6 billion birr, has quickly become one of the significant players in Ethiopia’s banking sector, boasting around 171,000 shareholders. The bank aims to enhance financial inclusion and provide a range of banking services to its customers, contributing to the economic development of the Amhara region and beyond.
Yohannes’ leadership is anticipated to bring a fresh perspective to Amhara Bank, particularly as the institution navigates the complexities of the current economic landscape in Ethiopia. With his extensive experience in the banking sector and a strong commitment to economic development, he is well-positioned to guide the bank toward achieving its strategic goals.
