Radar | Jul 27,2019
Awash Bank, the first private bank in Ethiopia, is planning to build a 50-storey skyscraper, which will spread over a footprint of 8,700Sqm, as its new headquarters with an estimated cost of 12 billion Br.
The new headquarters will be located behind Ethiopian Electric Power Corporation's new main office, which is under construction in Mexico, Kirkos District.
"Currently, we are in negotiations with Addis Abeba City Administration Land Development & Management Bureau, and we are waiting for a letter of confirmation to acquire the land," said Teshaye Shifraw, CEO of Awash Bank, which grossed a profit of 3.3 billion Br in the last fiscal year.
The bank plans to spend close to 173 million Br to gain the land, he added.
An official from the Land Development & Management Bureau confirmed they have processed the bank's land inquiry proposal, and the cabinet has come to a decision.
"Currently, we are in negotiations with Addis Abeba City Administration Land Development & Management Bureau, and we are waiting for a letter of confirmation to acquire the land," said Teshaye Shifraw, CEO of Awash Bank, which grossed a profit of 3.3 billion Br in the last fiscal year.
The official also added that in the next few days they are going to finalise the procedure by signing an agreement.
"The construction of the building depends on the result of the soil test that will be conducted on the spot," said Yohannes Mergu, chief information officer of Awash Bank.
The new headquarters will solve Awash's current issue of its offices working at maximum capacity by housing most employees under one roof.
It is expected to also feature amenities including walking trails that run through the heart of the facility, a massive park, a fitness center, a clinic, a restaurant, meeting halls, ample parking space and training centers.
The project is expected to be completed in three to four years and the bid for consultation will be floated within the next four months.
Executives and employees celebrate the 25th anniversary of Awash Bank and Awash Insurance S.C. at its headquarters.
The existing headquarters will remain an asset of the bank.
At the end of last week, Awash Bank and Awash Insurance Company S.C. celebrated the achievements of major milestones at their 25th anniversary ceremony held at their headquarters.
The ceremony was followed by inaugurating a grand light box fixed at the main gate of the headquarters.
Throughout October and November there will be recurring events to mark the occasion, and the grand ceremony of the anniversary is scheduled to take place on November 23, 2019, at Sheraton Addis, said Tsehaye.
He also spoke about the challenges and accomplishments in the last quarter century. "Today, I hope as we all re-live the path the companies have traveled, we will embrace the past and move forward to the future," Tsehaye said.
Awash Bank was established in 1994 with a paid-up capital of 24.2 million Br. It began its operations in 1995 by opening its first branch on Bole Road (Africa Avenue).
Since then, the Bank has built a network of 412 branches, employing more than 6,100 employees serving more than two million customers across the country.
Through its 25 years, the Bank’s paid-up capital rose to 4.4 billion Br with a total of 4,369 shareholders and a gross profit of more than 11 billion Br to date.
"It is obvious that the construction of these buildings will help to attract the workforce and house much of its employees in one place," said banking expert Habib Mohammed.
He suggested that Ethiopian banks are engaging in a rivalry to expand their corporate headquarters. This might backfire if these banks lose their balance on improving their core business service, Habib said.
The balance sheet of these companies is what explains if these banks are investing in real property and providing core service, he added.
PUBLISHED ON
[ VOL
, NO
]
Radar | Jul 27,2019
Radar | Jul 13,2019
Radar | Apr 17,2020
Fortune News | Apr 20,2019
Fortune News | May 08,2021
November 27 , 2021
Against my will, I have witnessed the most terrible defeat of reason and the most sa...
November 13 , 2021
Plans and reality do not always gel. They rarely do in a fast-moving world. Every act...
October 16 , 2021 . By HAWI DADHI
Residing in a country with no capital market, an organised marketplace for trading se...
August 28 , 2021 . By HAWI DADHI
The streets of Addis Abeba are as varied as they are many, although too many of them have yet to be named. From the narrow alleyways of the...
January 15 , 2022
Foes and friends of Prime Minister Abiy Ahmed (PhD) agree that his administration is...
January 7 , 2022
There has not been much research to put a number on high costs wars inflict on Africa...
January 1 , 2022
It is a norm to emphasise grand structural changes to address the myriad political pr...
December 25 , 2021
In the words of Herbert Hoover, the 31st president of the United States, it is older...
Put your comments here