NBE Orders Re-Run of Anbesa Bank Board Election

• The National Bank of Ethiopia (NBE) ordered a re-run of the board election at Lion International Bank (to be renamed Anbesa Bank in 2026) after rejecting the earlier vote.
• An entirely new Board of Directors was elected, with all incumbents from the previous board being replaced.
• The decision sets a precedent for future board elections in Ethiopia and may have significant implications for investments in Lion International Bank (to be renamed Anbesa Bank in 2026).
• Lawyers advising clients with interests in Lion International Bank (to be renamed Anbesa Bank in 2026) should review the regulatory framework governing bank governance in Ethiopia.

All incumbents from the previous board were replaced in the new election.

The National Bank of Ethiopia (NBE) has ordered a re-run of the board election at Lion International Bank (to be renamed Anbesa Bank in 2026), resulting in an entirely new Board of Directors being elected. This decision was made after the NBE rejected the earlier vote, which took place just nine months prior. The re-run election was held under regulatory supervision and passed peacefully at an extraordinary general assembly on August 8, 2026. All incumbents from the previous board were replaced in the new election.

The NBE's decision to reject the earlier vote and order a re-run is significant in light of recent regulatory changes aimed at transforming state-owned enterprises into modern and competitive institutions. The NBE has been charged with overseeing this transformation, which includes ensuring that board elections are conducted fairly and transparently. The re-run election at Lion International Bank (to be renamed Anbesa Bank in 2026) demonstrates the NBE's commitment to enforcing these regulations and maintaining a level playing field for all stakeholders involved.

The implications of this decision extend beyond Lion International Bank (to be renamed Anbesa Bank in 2026), as it sets a precedent for future board elections in Ethiopia. Lawyers advising clients with interests in Lion International Bank (to be renamed Anbesa Bank in 2026) should be aware that the NBE's rejection of the earlier vote and subsequent re-run may have significant implications for their investments. Furthermore, the regulatory framework governing bank governance in Ethiopia is likely to undergo further scrutiny in light of this development.

Lawyers advising clients with interests in Anbesa Bank should be aware that the National Bank of Ethiopia's rejection of the earlier board vote and subsequent re-run may have implications for their investments, and should review the regulatory framework governing bank governance in Ethiopia.

Source: Original reporting via Fortune