Siinqee Bank has appointed Getachew Deresa, its former vice president of banking operations, as acting chief executive officer, replacing Neway Megersa, who has moved to lead the Oromia Sovereign Fund, according to information obtained by the source.
The transition occurs as Siinqee Bank continues to build on its recent expansion into full commercial banking from its previous status as a microfinance institution. During the 2025/26 fiscal year under Neway's leadership, the bank achieved significant growth: customer deposits reached 178.1 billion birr, total assets climbed to 216.2 billion birr and total capital increased to 23.1 billion birr. The bank also recorded 10.7 billion birr in gross profit before provisions.
Neway's new role at the Oromia Sovereign Fund represents a substantial appointment within the region's public investment landscape. Established in May 2025 through a restructuring of the Oromia regional government's public enterprises office, the fund oversees more than 47 public enterprises and ownership stakes in over 25 companies. Its holdings span construction, manufacturing, agriculture and mining sectors and include Oromia Construction Group, O-Produce Group, Oro-Assembly Group, Oromia Agro-Group, O-Mining Group, Tumusa Development Group and Siinqee Group, which includes Siinqee Bank. During the 2024/25 fiscal year, these enterprises generated more than 9.6 billion birr in revenue. The fund operates under the oversight of Oromia Regional State President Shimelis Abdisa, with Adare Assefa serving as director general.
For Ethiopian savers and businesses, the leadership change at Siinqee Bank and the expansion of its asset base to 216.2 billion birr during 2025/26 signal the institution's continuing development as a commercial lender in the region's financial market.