National Bank of Ethiopia (NBE) approved Yewondessen Eteefa for the Chief Executive Officer (CEO) position of Ethiopia Reinsurance.

According to Fortune, Yowondessen was among the 3 candidates for the position.

Looking at the new CEO’s experience, he has been working at Ethiopian Insurance Corporation (EIC) for the past 6 years as CEO. Before that he was working with the central bank’s Insurance Supervision Department as a manager.

Ethiopia Reinsurance was officially established in February 2016. However, the first initiative was from the Supervision Agency at NBE in 2011. After conducting a research NBE issued a directive.

Currently EIC and Commercial Bank of Ethiopia own 40 percent of the shares in Ethiopia Reinsurance. The rest 60 percent is owned by 17 private banks and insurance companies along with 81 individual shareholders.

Nevertheless, NBE still has not issued license for the company even if the shareholders submitted a signed and authenticated document to the central bank.

The reinsurance firm is expected to start giving service a month from now on July 1, 2016.

Source: Fortune