Commercial Bank of Ethiopia, the State-run financial firm, will officially inaugurate its new headquarters (HQ) and Ethiopia’s tallest building on Sunday, February 13, 2021.
The inauguration of the 53-storey will take place on the same day the bank celebrates its 80 Year Diamond Anniversary, said Abie Sano, President of the Bank in a presser on Tuesday.
Constructed at a cost of $303.5 million on 150,000 square meter of land in Addis Abeba, the new HQ, which is the third tallest building in Africa with a height of 209.15 meter, was completed last month.
China’s construction firm CSCEC took 5 year and 11 months to complete its construction after signing a deal with the richest commercial Bank of Ethiopia in April 2015.
The construction process has resulted in a significant knowledge and technology transfer in the sector, said Abie, adding that its facilities would bring in multisectoral benefits to the Bank.
Commercial Bank of Ethiopia was established in 1942 with a capital of one million Maria Theresa Thaler (MTT) and two branches Addis Abeba.
The bank has now a network of 1,800 branches, employing 66,000 staffs and serving over 31.4 million customers across the country. Its total assets are worth 1.1 trillion Birr, making the bank Ethiopia’s richest financial firm.
Abie told journalists on Tuesday: “The modern headquarters to be inaugurated on the day of the 80th anniversary is a part of CBE’s ambition to raise the quality of its service to international standards,”, describing the skyscraper, also known as CBE Tower, befitting the city that prides itself as diplomatic seat of Africa.