Hibret Bank held a formal ceremony on Monday to welcome Nigussu Gebre-Egziabher as its new CEO.
The event at the bank’s headquarters officially began his leadership following his appointment by the bank’s board.
Nigussu Gebre-Egziabher’s portfolio
Nigussu, who has worked in banking for more than 20 years, is the sixth CEO of the bank. His experience includes senior leadership roles at the Commercial Bank of Ethiopia, a three-year term as president of Lion International Bank S.C. from 2011 to 2014, and a position as a senior advisor to the president of Bank of Abyssinia.
Acting CEO to remain as the Senior Deputy CEO for Operations
Tsigereda Tesfaye served as Acting CEO for a year before this appointment. When Melaku Kebede, the previous CEO, retired a year ago, Tsigereda, also Senior Deputy CEO for Operations, took over as interim CEO. The board finally decided on Nigussu, even though she was a good contender for the permanent post.
The National Bank of Ethiopia has finally approved Nigussu’s appointment. Techpression learnt that Tsigereda will return to his position as the Senior Deputy CEO for Operations.
About Hibret Bank
Hibret Bank is one of Ethiopia’s first private banks. Hibret was established on the fundamental tenet of appreciating diversity. Entrepreneurial Ethiopians from various backgrounds were the original shareholders, pooling their resources to create the Bank.
Hibret means cooperation and synergy in Amharic. On September 1, 1998, the Bank was incorporated as a Share Company in compliance with the Licensing and Supervision of Banking Business Proclamation No. 84/1994 and the Commercial Code of Ethiopia 1960.
Over the years, Hibret Bank has established a solid reputation for offering cutting-edge financial solutions to the Ethiopian banking sector.
Additionally, the Bank is implementing its transformational plan 2030 to create a robust financial structure and a mutually beneficial “Eco-system” for stakeholders, key partners, and consumers.
Giant national brands like Ethiopian Airlines (Hibir Sheba Miles), Ethiopian Telecom (Tele-Birr), and the Ministry of Revenues (e-tax payment) have chosen Hibret Bank as a pioneer partner due to the Bank’s technological advantage and respectable reputation.
With more than 488 branches and sub-branches (still growing), Hibret is a well-known brand in Ethiopia today.
By the end of June 2023, the Bank’s human capital had grown by 1,183 employees annually to 8,839 personnel (including 5,385 permanent, 18 contractual, and 3,436 outsourced).