OIB buys SA building for 210 million birr

Abie SanoAddis Ababa, Ethiopia – The Oromia International Bank (OIB) has got a new headquarters after it bought SA building  located off Africa Avenue (Bole Road), adjacent Getu Commercial Center, prime locations in Addis Ababa.

Abie Sano, president of OIB told The Reporter that the Bank will move in the building in three months time and current tenants will receive eviction notice there after. He indicated that few of the former occupants will remain in the building.

In a statement sent to The Reporter, the bank has announced its acquisition of the property to houses its headquarters in response to its expanding banking service.

The statement also indicated that OIB has been looking for up-to-the-standard headquarters building for a while now in order to cope with the fast growing demand of the banking sector and introduce new financial products. Currently, the bank is finalizing preparations to launch corporate banking service that has been pending for a long time for many reason among which  is sufficient headquarters building.

In the same statement OIB has further indicated that it has secured the license to operate interest free banking window, which it will commence soon. Apart from interest free window, the bank also announced that it is on the final stages of its preparation to begin mobile and agent-banking services.

The statement has also announced that it grossed 120 million birr unaudited profit last year, a 56 percent increase over the previous year’s figure.

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