Zemen Bank, Ethiopia is acquiring land in the Sengatera area to build its head quarters. The Bank has completed 99% of the process associated with acquiring the land according to Ermias Eshetu, Deputy Marketing President. 
The bank’s headquarter building is expected to be the tallest in an important part of the financial district in Addis Ababa. The Zemen Bank headquarters will be erected in front of Addis Ababa University School of Commerce according to the announcement made by the bank at the official launch of the construction design last Thursday.
The construction of the bank headquarters building is expected to take two to three years after the land is secured according to Hilawe Tadesse acting president of Zemen. Officials declined to comment on the total cost anticipated for the construction of the building.It is to be remembered that Zemen Bank sold 35 million birr worth of shares in six hours last week. The shares were offered to existing shareholders as per a decision reached at the annual meeting of the bank.
The annual meeting held this past September agreed to increase the capital of the bank by 100 million birr with remaining shares, after shareholders were offered shares in proportion to their existing holdings, to be sold in the month of December.
The bank management had expected to complete the sale of the shares in 30 days according to sources at the bank.
An unexpected demand for the shares, however, resulted in the sale ending on the first day the shares were put on sale.
Source: The Reporter
