The Bank of Abyssinia has awarded the contract for the construction of a 60-storey building in Addis Abeba's financial district to China State Construction Engineering Corporation Ltd. The Bank's executives estimate the project will cost over three billion Birr. The Chinese contractor was the firm behind the construction of the Commercial Bank of Ethiopia's (CBE) 48-storey headquarter building in Senga Tera. It also built the African Union Conference Centre in the Sarbet area. The firm won the contract to erect Abyssinia's building last December following an international tender. The Bank solidified its position as an industry leader with a noteworthy performance last year, netting 1.34 billion Br in profits. An 86.6pc growth in deposits mobilised drove the growth, while the Bank's paid-up capital has reached 7.2 billion Br, surpassing the central bank's revised minimum threshold of five billion Birr. The building is set to be an addition to the banking headquarters recently erected in Senga Tera. The CBE inaugurated its tower earlier this year, following in the footsteps of Hibret and Nib banks, which have also set up shop in the financial district. Zemen Bank is expected to inaugurate its headquarters in the coming months.
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