The sister financial institutions, Nib International Bank and Nib Insurance are launching a soil test to determine a construction
site for their joint headquarter buildings.
The buildings are to be constructed on a 3000 m2 plot of land leased near the National Theater in Addis Ababa. The building will be 33 storey high with four sub-terrain floors according to the design approved said Tafesse Bogale, Chairman of the board of directors of the bank.
The design for the building was executed by Haile Gabriel Consult Architects and Engineers selected by the Nib management after a design competition. Nib management and the consultants have declined to disclose the development of the project.
It is however estimated that the project will cost an estimated 600 million birr by the time it is completed in three years. The project is expected to be the largest capital investment since the establishment of the Nib financial institutions with an estimated one billion birr in paid up capital at this time.Nib currently operates 57 branch offices including the latest branch opened in the Gurd Shola area of the city. The bank registered gross profit 389.8 million birr in the last Ethiopian financial year.
Source: Addis Fortune
