Following the dismissal of founding President Henock Kebede, the board of directors of Amhara Bank, which is the newest and financially strongest bank, has appointed Chanyalew Demissie as the interim head of the bank.

A letter dated Friday, December 8, signed by Board Chairperson Melaku Fenta, stated that Chanyalew, who had joined the bank approximately a year and a half ago as Chief Banking Operation Officer, had been assigned to this position.

On the same day, Henok Kebede, the bank’s founding president, was fired by the board, and Chief Service Officer Kinde Abebe was also dismissed by the bank’s upper management. The letter of dismissal attributed the former executives’ inadequate income and mismanagement of the bank’s operations as the reasons for their termination.

Additionally, the letter mentioned that the bank reported a loss of 460 million birr in the 2022/2023 fiscal year, contrary to the projected profit of 306 million birr. Amhara Bank, which has over 191,000 shareholders, a paid-up capital of 5.8 billion birr, and a subscribed capital of 7.9 billion birr, is scheduled to launch in the middle of 2022. With such a large number of shareholders, it is the largest share corporation to date.