Capital Ethiopia Newspaper

BoA, Universal Consultants seal deal

Bank of Abyssinia (BoA) signed a contract with Universal Consultants Private Limited Company for an undisclosed sum for its proposed headquarters construction and design supervision.
The agreement also includes a contract administration clause.
At the signing ceremony, held at the Bank’s current headquarters around Stadium, Addisu Haba, BoA’s President, said they reached consensus after long painstaking agreement. This long thorough negotiation is expected to give a new inroad to BoA to help it generate more assets.
Desta Alem Haile Selassie, General Manager of Universal Consultants PLC, on his part said his firm, which had previously won an architectural design from BoA is aware that the current contract is as much an obligation and responsibility as it’s an opportunity.
BoA expects to construct its main headquarters on its 2,665sqm plot around Mexico in front of the Addis Ababa Technical and Vocational center. 
According to Zelalem Getahun building project officer at BoA, the headquarters building is expected to be some twenty one floors high with a total floor area estimated at 44,000sqm.
It is expected to cost more than 300 million birr and be completed four years after construction starts next year.
Zelalem said the architectural design for the BoA headquarters was awarded to Universal Consultants on February 2011 and one year elapsed with negotiations on the technical and financial aspects.
Universal consultants had also previously won the architectural design for the head office of the Commercial Bank of Ethiopia to be built around the Ethiopia Hotel in consortium with Henn Architectium, a German Architectural firm.
Bank of Abyssinia (BoA), one of the first banks to be formed after the end of the command economy has registered a record 178.44 million birr net profit in the past fiscal year. The gross profit of the bank   before tax stood at 258.4 million birr.