Nib International Bank S.C. (NIB) is about to construct their headquarters in the heart of Addis Ababa, close to the National Bank of Ethiopia (NBE). It thereby joins other financial institutions in what seems to become Ethiopia’s financial centre.
NIB, one of the oldest private banks after the country embarked free market for the last 19 years, has secured 2,800 square meter of land just behind the National Theater, in front of the new headquarters of Awash International Bank and Awash Insurance Company. The twin towers that are being constructed by the two financial sister firms, Awash Bank and Insurance that is, will be one of the largest buildings of the capital city and are currently in their final stage.
Solomon Assefa, head of the NIB Business Development Department, told Capital that the city has given the plot for a lease period of fifty years. Houses on the location, including residences and shops, are being demolished to prepare the plot for construction. The department head said “We expect the construction work to commence in the current fiscal year and finalize the project within a short period of time.”
According to Solomon, the management team of NIB is selecting a preferable design for their future headquarters. It also prepares all things necessary to finalize the project within the company’s set time schedule. The bank currently rents the ground part of Dembel Shopping Centre in Bole as its main office.
Most banks and insurance companies that have been established in the nineties have started constructing their own buildings now. Their head offices are mainly concentrated within a few kilometers from the NBE, thereby seemingly creating the financial heart of Addis Ababa.
There is no enforcement from the central bank to do so, though. Recently, one of the youngest banks, Oromia International Bank, has bought a 3,000 square meters compound in Goma Kuteba at a cost of 18 million birr for their future headquarters.