The National Bank of Ethiopia has approved Tsegave Tetemke as the new president of Zemen Bank, Ethiopia. The central bank approved Tesgaye after rejecting Zemen’s first choice for president, Anteneh Assefa for lack of experience. 
Zemen bank has been without a president since the resignation of Brutawit Dawit Abdi from the post in April of 2011.
Tesgaye previously served as the founding president of Lion International Bank. He expressed admiration for the unique operations of Zemen and his pleasure at being selected its president.Tsegaye received a degree in Accounting from Addis Ababa University before earning a Master’s Degree in Economic Policy and Management from Ghana University.
The newly approved president of Zemen Bank has 27 years of experience with the Commercial Bank of Ethiopia where he served in different capacities including that of Vice President.
Tsegaye served as project adviser during the process to set up Lion International Bank before serving as its founding president for a year. He was forced to leave this position for undisclosed reasons.
It was, however, made clear that the termination of his contract with Lion Bank had no implications of financial irregularity or malpractice in a statement given by the board of LIB at the time.
The National Bank of Ethiopia prohibits the appointment of those fined, suspended or fired from previous presidential positions as well as those denied licensing by a professional, regulatory or trade institutions on the grounds of negligence, fraud or some violation of the law.
Source: Addis Fortune
