Anbesa Bank Board Dispute Deepens as Shareholders Seek Meeting With NBE Governor

A group of shareholders representing about one-third of Anbesa Bank’s paid-up capital has requested an urgent meeting with National Bank of Ethiopia (NBE) Governor Eyob Tekalign after the central bank withdrew its earlier approval of the bank’s board election, escalating a governance dispute at one of Ethiopia’s private lenders.

According to documents seen by Capital, the NBE revoked part of its previous approval for the minutes of Anbesa Bank’s 21st General Assembly, held in October 2025. While the central bank upheld the assembly’s other resolutions, it withdrew approval for the election of the bank’s board of directors and instructed the Documents Authentication and Registration Service (DARS) not to register that portion of the minutes.

The regulator’s revised decision overturned an earlier letter issued on June 8 that had approved the full minutes of the general assembly. On June 19, however, the NBE instructed DARS to authenticate all resolutions except those relating to the board election.

Anbesa Bank’s board appealed the decision, requesting that the central bank reconsider its position. The appeal was rejected in a July 1 letter, with the NBE maintaining its decision and directing the bank to convene another general assembly this month to conduct a fresh board election.

The decision has since prompted a broader response from shareholders. According to sources familiar with the matter, investors representing approximately 35 percent of the bank’s paid-up capital signed a petition on July 4 seeking a direct meeting with Governor Eyob Tekalign to obtain clarification on the regulator’s decision and the bank’s governance situation.

Board Chairman Alem Asfaw has also reportedly submitted a separate request for a meeting with the governor to present the board’s position.

Despite nullifying the board election, the NBE maintained its approval of the general assembly’s resolution increasing the bank’s capital. That decision enabled Anbesa Bank to raise its paid-up capital above six billion birr, allowing it to comply with the National Bank’s minimum capital requirement of five billion birr for commercial banks.

According to individuals familiar with the dispute, shareholders believe the regulator may have received an inaccurate picture of disagreements within the board. They argue that differing opinions among directors are part of normal corporate governance and should not, by themselves, invalidate the election process.

Some sources also claim the disagreement extends to lending decisions involving borrowers with significant outstanding loans. According to these sources, divisions emerged over whether the bank should approve new loans or foreign currency allocations to heavily indebted clients. They allege the current board opposed such requests on prudential grounds, while others favored extending additional financing. These claims have not been independently verified, and neither the National Bank of Ethiopia nor Anbesa Bank has publicly commented on them.

The dispute has become one of the most closely watched governance cases in Ethiopia’s banking sector, with shareholders now awaiting a response from the central bank regarding their request for direct engagement.

source: Capital