Siinqee Bank S.C. has appointed Getachew Deresa, its former vice president of banking operations, as acting chief executive officer (CEO), replacing Neway Megersa , who has been appointed CEO of the Oromia Sovereign Fund (OSF), according to information obtained by Capital.
Getachew’s appointment comes at a critical stage in the bank’s development as it continues to expand its operations following its transformation from a microfinance institution into a full-fledged commercial bank.
During the 2025/26 fiscal year, Siinqee Bank recorded strong growth in its major financial indicators under Neway’s leadership. Customer deposits reached 178.1 billion birr, while total assets rose to 216.2 billion birr and total capital increased to 23.1 billion birr.
The bank also reported 10.7 billion birr in gross profit before provisions, reflecting its financial performance and continued operational growth.
Neway’s appointment to lead the OSF places him at the helm of a regional government investment institution overseeing a broad portfolio of public enterprises and corporate shareholdings.
Established in May 2025 through the restructuring of the Oromia regional government’s public enterprises office, the OSF manages more than 47 public enterprises and ownership stakes in over 25 companies. Its portfolio spans construction, manufacturing, agriculture, mining and other development sectors.
The portfolio includes Oromia Construction Group, O-Produce Group, Oro-Assembly Group, Oromia Agro-Group, O-Mining Group, Tumusa Development Group and Siinqee Group, which includes Siinqee Bank.
The fund operates under the leadership of Oromia Regional State President Shimelis Abdisa, with Adare Assefa serving as director general.
During the 2024/25 fiscal year, enterprises under the fund’s management generated more than 9.6 billion birr in revenue, underscoring the scale of its investment portfolio.
