The Cooperative Bank of Oromia SC is to construct a new headquarter building close to the National Theater with an investment of 700 million birr.

The construction work of the proposed 25 storey building will be conducted on 5 thousand meter squares according to Wondimagegnehu Negera President of the bank.

The bank is currently handling the process of clearing the land of existing residents by handling compensation payment with the plan to begin construction work by the end of 2013. CBO revealed that it had earned 100 million birr in gross profits in the first two quarters of the current budget year exceeding its target revenue by 18 percent. The profit registered over this period is 38 million birr more than what the bank was able to earn over the same period last financial year.

The bank also announced that it is in the process of installing core banking solutions in all its branches at a total cost of more than 50 million birr and expects the system to be in place by the end of March.

It is currently piloting the system in some of its branches and working on means to attract more foreign exchange transactions according to Wondimagegnehu.

Source: Fortune