By Muluken Yewondwossen

Mulugeta Asamre, a highly accomplished leader in the banking industry, officially handed over the reins of Goh Betoch Bank (GBB) to Girum Tsegaye, the newly appointed president. With over three decades of experience in the financial sector, Mulugeta has made significant contributions to the Ethiopian banking landscape.

Notably, Mulugeta played a pivotal role in the rebranding of Bank of Abyssinia (BoA), one of the pioneering banks in Ethiopia when the market opened to private investors thirty years ago. During his tenure as CEO for approximately five years, he successfully rebuilt the bank’s foundation and enhanced its profitability. Prior to his role as CEO, Mulugeta held high-level positions, including vice president, at BoA from 2010 until assuming the leadership role in 2014.

Before joining BoA, Mulugeta began his career at the state-owned Commercial Bank of Ethiopia (CBE), where he worked for eighteen years in various senior positions. After departing BoA in 2018, Mulugeta joined a group of industry experts and business community members to establish the first private mortgage finance company. The company launched in October 2021 with a significant capital investment and a large pool of shareholders.

Having served as the founding CEO of the mortgage finance firm for over two years, Mulugeta notified the GBB board of directors of his retirement plans late last year, citing health issues as the reason for his departure. Getahun Nana, a founding member and chair of the GBB board, stated that Mulugeta’s retirement was unavoidable due to his health condition.

Despite retiring from an active leadership role, Mulugeta expressed his intention to remain involved in the industry as a consultant and contribute to the board. He emphasized the need for the banking industry to focus on developing leaders with competitive skills aligned with the requirements set by the National Bank of Ethiopia.

Girum Tsegaye, the former CEO of Berhan Bank, has been appointed as the second CEO of GBB, assuming the role on February 1. With over thirty years of experience in the financial industry, Girum previously held positions at CBE, Hibret Bank, and Ethio Lease. He served as the founding CEO of Ethio Lease, the country’s first privately held equipment leasing firm, for three years before rejoining Hibret Bank as senior vice president for strategy and marketing.

As Mulugeta Asamre embarks on a well-deserved retirement, the financial sector bids farewell to an iconic leader who has left a lasting impact on the industry.