Regulatory Alerts1996-03-25
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Directive No. SBB/13/1996 Naming of Officers
It prohibits designating a bank's General Manager, Chief Executive, or Principal Officer as a Managing Director unless that individual is also a member of the bank's Board of Directors. This requirement applies to banks regulated by the National Bank of Ethiopia. The directives enter into force on April 8, 1996.
LICENSING AND SUPERVISION OF BANKING BUSINESS Directive No. SBB/13/1996 NAMING OF OFFICERS
- Issuing Authority These directives are issued by the National Bank of Ethiopia pursuant to the authority vested in it by Article 41 of the Monetary and Banking Proclamation No. 83/1994 and by article 36 of the Licensing and Supervision of Banking Business Proclamation No. 84/1994.
- Designation Unless a General Manager, Chief Executive or Principal Officer of a bank is member of the Board of Directors of the bank, it is prohibited to designate him a s a Managing director.
- Effective date These Directives shall enter into force as of 8th day of April 1996.
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