2merkato

United Bank, Ethiopia selected Eskender Woubetu & Partners Consulting Architects, as the winner of the competition to design a headquarter building.It is estimated that the future headquarter building will cost 800 million birr to complete.

The design competition launched five months ago was closed at an event held at the Hilton hotel. The two other finalists were Gereta Consult and K2N architects.  

The bank invited architectural firms to present a design for a 30 storey building with additional four leveled basement for parking on a 3338 meter square plot of land it acquired in the Senga Tera area of Addis Ababa.

United Bank, Ethiopia awarded the contract to upgrade its data center, to Seven Seas Technologies Group, a Kenyan Technology firm.

The contract estimated to be worth nine million birr stipulates that the work will be accomplished in four months.

The data center will allow space for the effective functioning of the core banking system that has been implemented by United Bank according to officials.

United Bank, one of the private banks in Ethiopis, announced a profit of 231.8 million birr after taxes for the last fiscal year, on Thursday. The Bank raised 13.3 million birr in one week from the sale of 133, 477 shares in the first ever public auction of bank shares.

The move to expand the paid up capital of the bank by 40.2% has lowered the bank’s EPS which had stood at 52.8% for the budget year according to Abdulmena Mohammed, account manager of the London based Portobello Group.

The increase in paid up capital also lowered the Return on Equity from 27.4% the previous fiscal year to 25.7% explained Berhanu Getaneh, President of United Bank. 

United Insurance SC, Ethiopia has offered the post of Deputy Manager of its Operations Department at double her 10,000 birr salary as Main Branch Manager, with Nib Insurance.

Zufan graduated in economics from Addis Ababa University and joined United Insurance where she worked for the next eight years before leaving to join Nib Bank.

Two of the top five management positions at United Insurance are filled by women with Zufan’s appointment making the third position to be occupied by a female.

A resolution passed by the United Nations Security Council to enact further sanctions on Iranian assets is expected to delay Ethiopia’s bid to export electricity to Sudan as the construction of substations and the supply of equipment had been awarded to Iran Power & Water Export of Equipment & Services Company in an international bid.

The Ethiopian Electric Power Corporation and IPWEESC had subsequently reached an agreement fro the completion of the project in 18 months, with a 41 million US dollar loan from the World Bank providing the financing and an ultimate aim of exporting 100MW of electricity to Sudan commencing in May 2012.