The National Bank of Ethiopia (NBE) has approved the appointment of Ato Ngiusu Gebre Egba as the new Chief Executive Officer (CEO) of Union Bank. In an unusually quick move, the regulator gave its approval within a single day of receiving the request from the bank’s Board of Directors.
Mr. Ngiusu officially assumed his duties yesterday, taking over from Ms. Tsigereda Tesfaye, who has been serving as acting CEO for the past year. Tsigereda will now return to her previous position as Senior Deputy CEO of Union Bank.
Union Bank, which has been in operation for more than 25 years, has gone through several leadership changes in recent years. The new appointment comes after a long search to find a permanent CEO following the resignation of the previous head, Ato Melaku Kebede.
During the search process, the bank faced some setbacks. The National Bank of Ethiopia reportedly rejected three candidates nominated by the Union Bank Board for the position. It was only after the bank presented the candidacy of Mr. Ngiusu three weeks ago that the regulator responded positively — and this time with unprecedented speed.
Mr. Ngiusu is not new to Ethiopia’s banking sector. With over 30 years of industry experience, he has held several senior leadership positions. He spent 18 years at the Commercial Bank of Ethiopia, where he rose to the position of Vice President. After leaving Commercial Bank, he became President of Anbessa Bank. Since leaving that role, he has worked with different banks in both leadership and consultancy roles.
The new Union Bank CEO holds a Master’s degree in Business Administration from Addis Ababa University, as well as a degree in International Business from the University of Greenwich in the United Kingdom. His vast experience in the financial industry is seen by many analysts as an asset that could help drive Union Bank’s growth and competitiveness in Ethiopia’s rapidly evolving banking sector.
Union Bank has had five CEOs and Presidents in its 25-year history, making Mr. Ngiusu the sixth person to lead the institution. The bank has a strong presence in Ethiopia’s financial market, offering retail banking, corporate banking, and investment services to individuals, businesses, and institutions.
While the CEO vacancy has now been filled, the bank is still without a Deputy CEO following the resignation of Dr. Andualem Hailu a few weeks ago. Dr. Andualem has since been appointed CEO of the newly established Awash Investment Bank. It is not yet clear when Union Bank will announce a replacement for the position.
Banking industry observers say the swift approval of Mr. Ngiusu’s appointment may signal that the National Bank of Ethiopia is keen to see stability and decisive leadership in the country’s private banking sector. Ethiopia’s banking industry is currently undergoing reforms aimed at improving governance, modernising services, and preparing for the eventual entry of foreign banks.
The appointment of a seasoned banker like Mr. Ngiusu could also be part of Union Bank’s broader strategy to strengthen its market share and prepare for increased competition. With the sector facing challenges such as inflation, currency shortages, and the need for digital transformation, the new CEO is expected to bring strategic direction and operational discipline.
For staff and customers, the leadership transition is seen as an opportunity for renewed focus on growth, innovation, and service improvement. In the coming months, attention will be on how Mr. Ngiusu steers the bank through Ethiopia’s changing financial landscape while maintaining profitability and customer trust.
