Port Louis, April 3rd 2012 - PTA Bank President-Elect, Admassu Tadesse was today sworn in as the Bank’s 4th President. Mr Tadesse takes over from Dr. Michael Gondwe who has retired after serving the maximun two five-year terms as the President of the Bank. Dedicating himself to serve the institution loyally, Tadesse said he would spare no effort in advancing the Bank’s trade and development finance mission in COMESA, the largest African economic community covering not only eastern and southern Africa, but also large areas of central and north Africa.

“It is always a special moment when being sworn into office to serve a higher purpose. To serve as the chief steward of PTA bank is truly an honour. Its mandate has become as relevant and inspiring as ever with the strong continental drive toward regional economic integration in a world that continues to globalize. With its growing capital base and expansive geographic scope, there is so much potential and so much to be done. The trust given to me by the Bank’s member states is humbling,” remarked Tadesse.

Tuesday’s occasion was presided over by Mr. Xavier-Luc Duval, the Vice-Prime Minister and Minister of Finance and Economic Development of Mauritius, the current Chairman of the Board of Governors of PTA Bank. Congratulating Mr. Tadesse, Mr. Duval commented that PTA Bank is coming of age with assets now well beyond the USD 1 billion mark. “At 27 years, it is a relatively young multilateral development bank, with much room for growth, innovation and expanded partnerships, which we are confident Mr. Tadesse will introduce as part of the Bank’s next 5 year corporate plan,” said Duval.

On his part, Dr. Gondwe, who is now the new Governor of Zambia’s central bank said he was delighted to hand over the Presidency to Mr. Tadesse, saying that the rich experience gained by the incoming President in senior executive positions globally had prepared him adequately for the task ahead.

“I believe Mr. Tadesse will infuse new blood and ideas into the Bank given the leading roles he has played in developing financial products for the continent in his previous engagements,” said Dr. Gondwe.

PTA Bank has grown rapidly in recent years along with the unprecedented growth of COMESA’s regional economic community. In recent years, the Bank has successfully tapped capital markets in the member states and Europe, and is poised for further growth and institutional strengthening.

Mr. Tadesse was selected unanimously as the Bank’s next President on 21 December 2011 by the Bank’s shareholders, in an open, competitive process. Previously, he served for 10 years with the Development Bank of Southern Africa as a top executive responsible for international finance and investment, as well as the corporate strategy, planning and marketing complex. Much earlier in his career, he served in various management and technical capacities with specialized UN agencies in the region and globally. He has worked and lived internationally, for over 35 years, in southern, eastern and northern Africa as well as North America and Europe, apart from Ethiopia, his country of birth.

An economist and banker, Tadesse qualified at the London School of Economics and Political Science, Wits Business School and the University of Western Ontario, and trained in advanced management and banking at Harvard Business School and INSEAD. He is the Vice-Chairman of the AADFI, the continental association of development banks, and a member of the institutes of bankers and directors of southern Africa. He serves on several international boards and trust funds.

The PTA Bank Shareholders are: AfDB, Burundi, China, Comoros, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Malawi, Mauritius, Rwanda, Seychelles, Somalia, Sudan, Tanzania, Uganda, Zambia, Zimbabwe, DR Congo.

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