ADDIS ABABA – Awash Bank, first private bank to build and operate in its own headquarters in the capital, is now planning to construct a 7-storey branch office in Ambo City.
Officials of the Bank said the construction of the branch will start soon while announcing the winning architectural design for the building today.
The branch in Ambo City will be erected in 1,2800Sqm land, said one of the oldest private banks in Ethiopia.
Awash Bank was established in 1994 with a paid-up capital of 24.2 million Birr and began its operations the following year in its first branch on Bole Road.
Since then, the Bank has built a network of 566 branches, serving more than five million customers across Ethiopia.
Last year, its paid-up capital feat put Awash among the few Banks to reach the 5 billion birr threshold years ahead of the deadline set by the central bank while assuming the top spot for the most profitable private bank in Ethiopia with a gross profit of more than 5.58 billion birr.
The bank is currently in preparation to build a 50-storey skyscraper in Addis Ababa as its new headquarters, which reports say, could cost upto 12 billion Birr.