Bank of Abyssinia (BoA) bought a 15 storey 60 percent finished building from Saca Plc, a sister company of Ayat, for 400 Million Birr.

According to Addisu Haba, President of the Bank until September 1, the deal was finalized in July and currently BoA and Saca are working on transferring the building.

The building is situated in front of Ethiopian Insurance Corporation (EIC)’s head office. It lies on a total area of 2,900 square meters with 15 floors and two basements. It has a floor area of 33,400 square meters.

Currently the ground as well as the first floor of the building has been let for Nib and United Banks as well as United and Abay insurances. In addition to this there are Ethiopian Airlines, Saca and Ayat Real Estate’s offices located in the building.

Vice President of the Bank, Mulugeta Asmare, noted the Bank will use the newly acquired building as its headquarters and rent the remaining space after making some changes to the interior design.

Addisu commented, “The remaining 40 percent of a construction will be done by the Bank”.

BoA was established in 1996 by 131 shareholders with an authorized capital of 50 Million Birr and a paid up capital of 17.8 Million Birr. The paid up capital of the Bank has now reached 579 Million Birr and its authorized capital is 632 Million Birr.

Source: Fortune