Amhara Bank incurred a loss of over 460 million birr, according to the Board of Directors.
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Board of Directors of the newly established Amhara Bank said it had terminated the CEO and Chief of Corporate Services from their respective positions.
A letter signed by the Chairman of Board of Directors of the Amhara Bank, Melaku Fanta states that the CEO of Amhara Bank, Henok Kebede Tadesse, and Chief of Corporate Services, Kindie Abebe removed from their responsibilities due to poor performances.
Although the Bank had planned to secure a profit of more than 306 million birr during the 2014 and 2015 Ethiopian Fiscal Year, the Bank has incurred a loss of over 460 million birr, according to the Board of Directors. The Board sued the two senior officials saying that they caused the loss of the stated huge amount of birr due to poor performances.
Mekonnin Chanyalew has taken over the position of acting CEO of Amhara Bank effective from December 09, 2023, according to the Board of Directors.
Amhara Bank is a large banking institution established some 18 months back at a capital of 6 billion birr under the ownership of 171 thousand shareholders.
