By our staff reporter

Following an internal leadership dispute that led to the departure of Genene Ruga, the president of Nib International Bank (NIB), the newly elected board of directors has announced its commitment to continue implementing reforms aimed at overcoming the bank’s challenges.

In a statement sent to Capital, the board emphasized its intention to address past issues and implement significant reforms within the bank. One of the key adjustments planned by the board is the reorganization of the bank’s top leadership, which will be carried out based on the findings of an inquiry to be conducted by the National Bank of Ethiopia (NBE). Additionally, the statement indicated that further investigations into any unlawful behavior will be conducted by both NIB and NBE.

In light of Genene’s departure, Melkamu Solomon, Vice President for Human Capital, has been appointed to an acting top post. However, the board has the authority to appoint an interim president before a permanent leader is selected and approved by NBE.

The board also expressed its regret to clients who were affected by the bank’s difficulties and assured them of its commitment to address the issues at hand. Despite recent challenges, NIB reported impressive profits for the fiscal year ending June 30, 2023, with significant growth in income and deposits mobilized.

The new board, led by Shisema Shewaneka, has replaced the previous one, and former board members are prohibited from holding leading positions in the financial industry as per regulatory requirements. Discussions regarding the bank’s future took place during a meeting between the new board and NBE governor and vice governor, Mamo E. Mihretu and Solomon Desta, on Wednesday, February 14.

Overall, the new board of directors at NIB is committed to implementing structural changes, assigning new leadership, and working closely with regulatory authorities to restore the bank’s position as one of the top banks in Ethiopia.