The Commercial Bank of Ethiopia (CBE), the state owned financial institution with over half market share in the country’s banking industry, gets a new president.
Prime Minister Abiy Ahmed of Ethiopia appointed Abi Sano, as the new President of CBE, replacing Mr,. Bacha Gina, who is appointed to serve as an Ambassador this week. Until his latest appointment this week, Mr. Abi has been serving as president of the private bank, Oromia International Bank Share Company.
Before joining Oromia International Bank, Mr. Abi Sano has also served as President of CBE. Currently Mr. Abi Sano is also serving as President of Ethiopian Bankers Association, the sole policy lobbying agent for member banks.
“This is good news. Abi Sano is professional. I hope he will avoid the mistake of mixing ethnic politics based groupings with business of his predecessor that worried me so much as, systemic risk to CBE. The government & National Bank of Ethiopia also need to rigorously followup the CBE to avert such risks,” twitted Addis Ababa University Economics Professor Alemayehu Geda, reacting to the appointment.
It is recalled that during the first six months of Ethiopia’s current fiscal year started July 8, 2019, CBE has reported a gross profit of $289.6 million.