The National Bank of Ethiopia (NBE) has approved Aklilu Wubet’s appointment as CEO of Wegagen Bank.
The bank whose performance was majorly affected by internal conflicts in the past year was Wegagen Bank, which saw an 82% decrease in gross profit from the previous year, mainly due to closure of almost one third of the Bank’s branches and deterioration of quite a large portfolio of assets in conflict areas.
The bank’s earnings per share have also plummeted with having the lowest net profit in the sector at 126 million ETB, only 0.44% of the industry’s total profit earnings and 0.86% of private banks’ earnings, according to Business Info Ethiopia calculation.
Following NBE approval of his appointment on January 28, 2022, Wegagen Bank’s acting CEO Aklilu Wubet has officially become the bank’s seventh CEO.
The NBE stated in a letter signed on January 28, 2022, has sent to Wegagen Bank that it has approved the appointment of Aklilu Wubet as CEO of the Bank after evaluating the relevant documents and evidence.
Aklilu is a prominent figure in the Ethiopian banking industry, having worked for over a quarter-century in various capacities at Commercial Bank of Ethiopia, Lion International Bank, Bank of Abyssinia, and Nile Insurance, reads the bank’s statement.
Aklilu Wubet, the CEO of Wegagen Bank, is a PhD candidate in the Banking System at Addis Ababa University.
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