Dr. Yohannes Ayalew, executive of Amhara Bank, has been nominated to replace Ato Mekonnen Lewamo Senen as president of Tsehay Bank. This move comes amid the bank's significant financial challenges. It offers hope for stabilizing the institution.
A recent nomination process at Tsehay Bank has positioned Dr. Yohannes Ayalew, the chief executive of Amhara Bank, as the candidate to become its president. He would succeed Ato Mekonnen Lewamo Senen, whose departure has not been detailed publicly.
Dr. Yohannes brings extensive experience from previous roles as deputy governor and chief economist at the National Bank of Ethiopia, as well as president of the Development Bank of Ethiopia. He joined Amhara Bank starting from Meskerem 3, 2017 E.C., but is now set to transition to Tsehay Bank. Following his move, Amhara Bank is actively seeking to fill its executive positions.
Tsehay Bank, formerly known as the Amhara Credit and Saving Institution, transformed into a full bank. Its board of directors is chaired by Dr. Derese Haylu, president of the Amhara regional branch, with W/ro Shemabet Tferan serving as vice president. According to the bank's recent fiscal year 2017 report, it recorded a substantial loss of 2.13 billion Birr.
With these severe financial difficulties, Dr. Yohannes's appointment is expected to bring expertise in rescuing the bank from losses and steering it toward profitability. This leadership change reflects ongoing efforts in Ethiopia's banking sector to address challenges through experienced personnel.