In order to meet the revised strategic plan and fill the vacant senior positions, Dashen Bank has given multiple appointments for its staffs. Moreover, new chief positions have been presented in the new structure.
The bank that recently announced its marvelous performance in the 2020/21 financial year now disclosed that it filled four out of five vacant senior management positions.
Dashen disclosed that following the introduction of the bank’s revised strategic plan and revamped organizational restructuring as well as departure of two senior officials to newly formed banks, it has appointed senior officials on various positions.
“With a long history of nurturing talent with its trademark ‘growing own tree’ principle, Dashen filled four senior vacant positions by experienced young bankers from within the bank,” it said on the statement sent to Capital.
It has also added a senior digital banking officer from the state owned financial giant Commercial Bank of Ethiopia.
As per its expectation to get a green light for the senior positions from the regulatory body, National Bank of Ethiopia, the bank tabled its request which has got approval.
As per the new appointment, Ayele Teshome will now lead as the Chief Banking Business Officer. This position was run by Henok Kebede, who recently went to Amhara Bank as CEO to lead the new bank that was established with a record number of huge shareholders. Ayele brings a wealth of experience spanning three decades in the banking industry and served Dashen as Director for Banking Operation and Central Processing.
According to the statement of Dashen, Eyerusalem Wagaw former Deputy Chief Officer for Human Resources has been assigned as Chief People Officer, which is a new position that popped up after revising the strategic plan. Eyerusalem started her banking career with Dashen Bank about 18 years ago which draws an in-depth inside understanding of the bank.
The former Deputy Chief of Interest Free Banking (IFB), which is one of the successful operations of Dashen, Mesfin Bezu has also been promoted to Chief of IFB position on the latest senior management assignment. Mesfin brings 21 years banking experience with Dashen to the table drawn from leading the IFB from inception which has been able to fetch huge success on this new segment banking business for Ethiopia.
The other new chief position, Strategy and Innovation Officer, saw the bank appointing Mulugeta Alebachew, who served Dashen for the past 18 years in various capacities and before the latest appointment had served as Director for Strategy and Innovation Department.
The bank, which is a pioneer in introducing new technology and different digital banking services in the country, has enabled to get Yohannes Million for the new position established under the new strategic plan. Yohannes, who has over 20 years of experience at Commercial Bank of Ethiopia up to vice president position for digital banking, is now assigned as Chief Digital Banking Officer at Dashen.
A week ago on his annual report address, Neway Beyene, Chairperson of Board of Directors, said that the bank reviewed its fifth strategic plan in light of the momentous changes unfolding in the operating environment, “the participatory review process has led to re-articulation of the strategy plan along nine levers for value creations.”
The re-articulated strategy seeks to keep the bank on course for greater competitiveness, sustained growth, and profitability.
Besides Henok, Yared Mesfin, former Chief Corporate Banking Officer of Dashen Bank has left to the newly formed Tsehay Bank as CEO.
Dashen is one of the top profitable private banks that secured 2.4 billion birr gross profit in the past financial year. On the general assembly held last week the bank has approved to boost it’s paid up capital to 12 billion birr in two years time from the current 5.4 billion birr.
Dashen revamps its structure through new appointees
NBE approves Amhara Bank’s seasoned VPs
National Bank of Ethiopia (NBE) approves the assignment of five vice presidents (VPs) as per the request from the under formation huge financial firm, Amhara Bank.
On its approval notification on Monday November 22, the central bank has given a green light for five senior positions.
As per the approval, Amhara Bank assigned senior bankers, who came from three different financial firms, on different key positions.
As per the information Capital obtained from sources, Chanyalew Demissie has been assigned as the first Chief Banking Officer at Amhara Bank, while Dawit Teferra has taken over the Chief Information Officer position for the new coming bank.
Kindie Abebe, who has vast experience in the banking industry, has been assigned to lead as Chief Corporate Service; and for the position of Chief Banking Business, Bezuayehu Seyoum has been given the seat.
According to sources, Hailu Moges, will head the Chief Human Resource docket for the new entrant, which is expected to embark on its activity aggressively.
Based on the profile of the new VPs, they bring to the table a massive experience from their previous carrier in the financial industry.
For instance, Chanyalew who has been assigned as Chief Banking Officer has ample learning and service knowledge in the banking industry with almost 23 years work experience at Dashen Bank.
Before he moved to Amhara, Chanyalew served Dashen as Director for Corporate Banking Department for Government Agencies, NGOs, and International Trade Service Department, as well as different services as Acting Chief at the bank, which is one of the top two profitable private banks.
Similarly, the Chief Information Officer, Dawit has various senior position experiences in different financial firms.
He served on managerial and Deputy Chief Executive Officer positions at Wegagen Bank and Premier Pwitch Solution respectively before he moved to the financial giant Commercial Bank of Ethiopia (CBE). Dawit served the state owned CBE as Director of Infrastructure Management before he came to Amhara Bank.
Kindie, who is appointed for the Chief Corporate Service position at Amhara Bank, served Wegagen Bank as Acting Vice President for Corporate Services on his latest post besides different positional services at the bank.
Bezuayehu’s profile indicated that he served CBE for almost 24 years as District Manager before he came to Amhara as Chief Banking Business.
Dashen’s former Director for Talent Development Department Hailu served his former bank for several years in different capacity. He is now assigned to lead the Human Resource as chief at Amhara Bank.
As per the new VPs assignment, the new leaders of Amhara Bank two of each came from CBE and Dashen and one from Wegagen.
It was recalled that Henok Kebede, former Chief Banking Business Officer of Dashen Bank, was assigned as the founding president of Amhara Bank.
With over 6 billion birr paid-up capital, Amhara Bank was established by over 180K shareholders that make the bank one of the companies that have huge shareholders in the continent.
Such amount of paid up capital is also unique for the start-up bank in the country. Despite not opening its door, the value it amassed makes the bank one of the top banks that has huge paid up capital.
The bank is expected to commence operation in the near future.
Huawei, UNESCO launch resilient tech education platform
Huawei Technology in partnership with United Nation Educational Scientific and Cultural Organization (UNESCO) launch a project called “Technology-enabled Open Schools for All” on November 25, 2021.
The project aims to build crisis-resilient education systems and connect school-based and home-based learning to ensure the continuity and quality of learning under both normal and crises in three African countries including Ethiopia, Ghana and Egypt.
The project is designed to support Member States to design, pilot test and scale up technology-enabled open school systems to ensure that education as a human right will not be disrupted. In addition, it aims to build a more crisis-resilient open school system, in all countries considering three pillars of new infrastructure for a learning system: technology, digital content, and the digital competencies of teachers and human facilitators.
As the COVID-19 pandemic unequivocally exposed the urgent need to build crisis-resilient education systems, UNESCO, with the financial support of Huawei, has thus initiated the Technology-enabled’ Open Schools for All’ project.
Dubbed Technology-enabled Open School Systems (TeOSS), the project which is being funded at a cost of $720,000 is being implemented by UNESCO and global ICT Company, Huawei.
The project will share information on national policies and programmes on digital learning, map out ongoing programmes of global key partners in the field, and explore possible synergies.
The project is set up in such a way it can mobilize potential funding and technical partners from international organizations, the private sector and NGOs that are operating in the countries. As the project develops it will review the effective or emerging practices worldwide to inform the implementation and further development of the project activities.
The project which was started in September 2020 in response to the disruption caused by the COVID-19 pandemic to global education, seeks to design and contextualize technology-enabled open school systems and support the building of local technology-enabled open school systems.
By July 2023, the implementers hope to have piloted, tested and scaled up the local technology-enabled open school systems.
Bunna Insurance bests targets registering huge success
Bunna Insurance 2020/21 performance surpasses its projection in all aspects of insurance activities.
The insurance company that conducted its general assembly on Saturday November 20 stated that on the reported year its activity on written premium, underwriting surplus, profit and other activities has surpassed the projection set earlier in the year.
According to Bunna Insurance’s annual report, during the financial year that ended on June 30, 2021 it has been able to collect 335 million birr in premium. The amount of premium written for the year has climbed by 22 percent compared with the projection that was 274 million birr. Similarly, the amount has seen a growth of 34 percent compared with the same period of 2019/20.
“While looking at our 12 months performance in terms of classes of businesses, over target achievement is registered on political violence and terrorism (PVT), pecuniary, fire, liability and motor classes of businesses by performing 295 percent, 32 percent, 27 percent, 26 percent and 17 percent over the target, respectively,” the annual report elaborates.
The marine class of business stood over 3 percent of the projection, while the PVT that was recently introduced in the Ethiopian insurance business has achieved almost three folds of the expectation.
Commonly on the insurance business in Ethiopia, motor stood at the top in terms of annual production by taking 55.5 percent of the total premium followed by liability, PVT and pecuniary that took 12.2 percent, 9.8 percent and 9.7 percent respectively.
In the year, the insurance company has settled 131.6 million birr net claim, which has shrunk by 6.1 percent from the expectation to be paid for the year. The company was projected that it shall pay over 140 million birr in the year. The annual performance report shows that unusually the net claim paid for motor business is lower than the preceding year performance.
Meanwhile the outstanding claims of the company stood at 65.7 million birr, which is 13.7 percent over the planned 57.8 million birr.
With its massive increment on its operation for the years compared with the target, Bunna Insurance’s underwriting surplus stood over 52 million birr which received a boost of 49 percent compared with the target of 35 million birr.
During the financial year 38 million birr worth of income has been secured from other source of incomes. The income collected from other sources, which are mainly interest income and dividend income, has registered an increment of 10 percent compared with the performance ended on June 30, 2020.
For the year, the insurance company has earned 59 percent higher profit than the target it set. The annual report indicated that in the year Bunna Insurance secured 36.2 million birr gross profit, while the target was 23 million birr.
The profit for the year has also risen significantly compared with the preceding year that was 20 million birr, which is 81 percent lower than the 2020/21 performance.
“This over target profit is registered mainly because of over target underwriting result achievement and measures taken to control expenses and claims management,” the report said.
The profit after tax for the year stood at 34.6 million birr, while the total comprehensive income for the year climbed to 35.2 million birr from 23.3 million birr a year ago.
Based on the marvelous achievement for the year the company earnings per share have increased to 19.2 percent from 13.3 percent of the 2019/20 performance.
The company’s total asset as of June 30 is 768 million birr; while the paid up capital has increased to 174 million birr from 145 million birr of a year ago.
For the year its administrational and general cost stood at 81.5 million birr.
