Oromia International Bank Acquires 13-Storey Building With 210 M BR
A new 29-storey headquarters in Lideta District is currently being designed.
Addis Ababa, Ethiopia – The Oromia International Bank (OIB) is moving its headquarters to the 13-storey SA building on Africa Avenue,Bole Road. It bought the building for 210 million Br in June 2013.
The building, located next to the Getu Commercial Centre, belonged to SA Ã¢â‚¬â€œ a Garad Plc sister company, named after the brothers owning it, Salahadin and Abdulhamid Abubeker. It lies on a 1,192sqm plot, leased for 2,100 Br a square metre, and its construction was estimated to have cost 50 million Br before it was opened for business in late 2006.
The OIBÃ¢â‚¬â„¢s move, which will happen in the next three to four months, will be officially announced on October 25, 2013. This will take place during the celebration of the bankÃ¢â‚¬â„¢s five-year anniversary, according to Abi Sano, president of the OIB.
The decision to buy a whole building was made in favour of the high cost of renting one in a premium location, Abi said. The building was selected from a list of 20, 15 of which were rejected outright due to location issues or a lack of adequate facilities. Read more