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 – 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 OIB’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 bank’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
