Bank for women forced to consider male president
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Enat Bank, which relies on women professionals in the banking sector, is to consider appointing a male president on approval of the National Bank of Ethiopia.
This comes after the unexpected resignation of Fasika Kebede, the first president of the bank.
The bank has struggled to find a female president to succeed Fasika, so is now obliged to look for a male candidate, despite bylaws that forbid such an action. Meaza Ashenafi, board chairman of Enat, told The Reporter that since the ultimate goal of the president is to fulfill the objectives of the bank, it would not be a problem to hire a male president.
According to regulations of the National Bank of Ethiopia, banks have to replace its presidents within six months following a resignation or termination. Enat has proposed the idea of an appointment from either sex to avoid complications down the line. The resignation of the former president was reportedly related to conflict with the board, and some members are seeking details on her resignation, The Reporter learnt.
Before the bank started operations, the National Bank of Ethiopia (NBE) a supervisory body of the banking sector has to reject two potential presidents nominated by the board, Birtukan Gebreegzi and Brutawit Dawit, before it finally settled with Fasika. Later, the first choice Birtukan joined the bank at a vice president post that she still occupies.
Women comprise 64 percent of shareholders at the bank, and it has been widely praised for its success in a short period of time and the availability of 87 percent of loans to women.
WRITTEN BY DAWIT TAYE,
TheReporterEthiopia.com
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