Bank of Abyssinia’s candidate for the presidential position, Mulugeta Asmare, has been given the green light by the National Bank of Ethiopia (NBE) .

It was back in September 1, 2014 Mulugeta took over the spot following the resignation of Addisu Haba from the presidential position. Since then Mulugeta has been serving as the acting president of the Bank.

Mulugeta has been in the banking industry for the past 22 years, out of which 18 were at the Commercial Bank of Ethiopia (CBE). He spent the rest four at Bank of Abyssinia (BoA) working as the bank’s loan department head and the other two years he held the position of vice president.

Commenting on the development, Mulugeta said; “The decision is not unexpected and taking over the presidential duty is a very big responsibility”.

“We will evaluate the bank’s strategy, identify its strength and weakness and we will develop an plan accordingly,” he added.

Mulugeta attended Addis Ababa University for his under graduate studies and gradated with an Accounting degree. He later went to London and studied International Business for his graduate studies at the University of Greenwich.

It was in 1996 BoA got established among 131 shareholders with a paid up capital of 50 Million Birr. Currently its paid up capital has reached 1.53 Billion Birr while the total asset grew to 11.3 Billion Birr.

Number of branches reached 107 and it intends to open 22 more branches during the current fiscal year.

Source: Capital