Adama, Ethiopia – Awash International Bank (AIB) has given Adama town one of its tallest buildings, an eight-floor structure where its main branch will be housed.

The building, with two basements, lies on 1,020sqm of the total 1,080sqm of land in Mebrat Hayl area. It took 53 million Br and four years to complete the building which will open on June 8, 2012, according to Abebe Dheressa, planning and business development manager of AIB.

AIB has two branches in Adama, Adama branch and Dembella branch; Adama branch will move into the new facility.

Originally, AIB intended to construct a five-storey building on the land which it leased for 50 Br per a square metre on a 40 year lease; the plot had nine residential units administered by the Agency for Government House. Awash had paid 376,640 Br compensation to the residents of the nine houses that had occupied the land.

ACME Designers and Consultants were paid 400,000 Br for the design. ACME also did the design work for Dashen Bank’s building in the same town and the head office of Awash International Bank and Awash Insurance Company.

AIB is also building a four-storey office in Gumbi town, 441km west Welega zone of Oromia.  Awash has plans for more buildings in Lideta and Nefas Silk districts in Addis Abeba and in Mekelle and Bahr Dar towns; design of another building in Hawassa, capital of the Southern regional state, is being finalized, according to Abebe.

Licensed in November 1994 as the first private commercial bank in Ethiopia with 24.2 million Br capital and 486 founding members, AIB’s net profit for 2010/11 was 360.6 million Br. Awash has 80 branches all over Ethiopia, including 43 in Addis Abeba.

Source: Addis Fortune

Share