News Analysis | Oct 30,2021
Bunna International Bank and Bunna Insurance have invested 285 million Br and 130 million Br, respectively, to acquire two separate buildings as their headquarters.
Bunna Bank bought an eight-storey building with a terrace and basement located near Africa Avenue. The building was owned by B&B Trading Plc, which sold it to support major expansion plans in other ventures of their trading company. The Bank bought the building without a bidding process.
B&B Trading is known for running various businesses including GNM Garment, E-Phanos Compact Disk (CD) factory and Asham TV.
“We had a major expansion plan for our three businesses," said Gizaw Yergaw, deputy CEO of B&B Trading Plc.
One of those companies, E-Phanos, has a factory located in Dukem town that has started producing educational software called Scholar E-Publisher in response to the Novel Coronavirus (COVID-19) pandemic. The software cover the subjects of biology, chemistry and physics from Grades 7 to 10 with a comprehensive collection of lab exercises, lectures and tutorials. It became available in the bookstores in Sidist Kilo, Arat Kilo and Merkato after receiving approval from the Ministry of Education.
Another company, GNM Garment, which is located in the Lebu area, used to specialise in tailoring shirts. However, since the COVID-19 pandemic, the factory has been repurposed for the production of masks by the Addis Abeba City Administration for free in order to assemble 500,000 masks on a daily basis. It is currently making 200,000 masks a day.
“The garment factory is undergoing an expansion plan for eight million Birr,” Gizaw said.
Bunna Bank, which spent 123 million Br in rental expenses for its headquarters and branches, moved into the new building three weeks ago. The Bank that had been headquartered in Arat Kilo in a five-floor office space and a ground floor branch location on the roundabout is working toward moving its main branch to this building.
In the last fiscal year, the Bank, which netted 461.4 million Br in profits in the previous financial year, acquired a three-story building in Bahir Dar, the seat of the Amhara Regional State, for 86 million Br.
The new headquarters building of Bunna Insurance, which is located near the African Union, was also acquired without a bidding process like the Bank's new head office.
The insurance company, which was previously headquartered in Arat Kilo in a three-floor office space, has now moved into a six-floor building with a basement at its disposal. The building was owned by B&B Kitfo Trading with the management headed by Gizaw Zergaw. The building was completed back in 2006.
The insurance company netted 26.8 million Br in profits and spent 9.1 million Br renting its headquarters and branches in the previous fiscal year.
Aside from the plots of land designated as a financial district in the Stadium and Mexico areas, the City Administration has begun allotting land to all banks without a bidding process.
PUBLISHED ON May 16,2020 [ VOL 21 , NO 1046]
News Analysis | Oct 30,2021
Radar | Dec 24,2022
Radar | Jun 18,2022
Fortune News | Dec 12,2020
Fortune News | Apr 26,2019
Radar | Dec 07,2019
Fortune News | Feb 01,2020
Radar | Aug 01,2020
Radar | Nov 19,2022
Radar | Oct 08,2022
Dec 24 , 2022
Biniam Mikru heads the department of cabinet affairs under Mayor Adanech Abiebie. But...
Jul 2 , 2022 . By RUTH TAYE
On a rainy afternoon last week, a coffee processing facility in the capital's Akaki-Qality District was abuzz with activ...
Nov 27 , 2021
Against my will, I have witnessed the most terrible defeat of reason and the most sa...
Nov 13 , 2021
Plans and reality do not always gel. They rarely do in a fast-moving world. Every act...
Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...
When the country's most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or two...
Sep 23 , 2023
Ethiopia's contemporary political leaders and the policy wonks under their command ha...
Sep 16 , 2023
The Ethiopian economic narrative oscillates between pockets of resilience and signifi...
Sep 10 , 2023
Earlier this Ethiopian fiscal year, the heralding of a peace deal became synonymous w...
Sep 2 , 2023
An unfolding horror story revealed the human cost of desperate migration in the arid...
Heading to an unfamiliar destination recently, I ordered service from one of the taxi-hailing companies. I had a chance to discuss several a...
Or see contact page