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The Kirikos Sub-city Regulation Enforcement Bureau has suspend the opening of Addis International Bank‘s (AdIB) 32nd branch in the Addis Ababa Abattoirs Enterprise’s (AAE) compound.
The AAE initially acquired the land and constructed a building on the premise that it was going to use it to sell by-products from its abattoirs. However, the regulator found the enterprise was renting the building out to AdIB, instead.
AdIB was eager to open the branch in the compound and paid two years’ rent in advance, at a rate of 25,000 birr a month. AAE is displeased with the enforcement bureau’s actions, and is currently in discussion with the Kirkos Sub-city’s Design and Construction Bureau to solve the problem.
Ephrem Desalegn, Managing Director of the Enterprise told Capital, “It is not a big deal; I do not know why they suspended the bank’s opening. We do not need the new building to sell the by-products right now because currently the demand for animal by-products is very low. That is why we decided to rent the building to the bank.’’
“The main reason we agreed with Addis International Bank is because AAE is one of the founding members of AIB, which is one of the main reasons we wanted them here, another is that having a branch so close will mean better access to services,’’ he said.
Ephrem added that the bank will open soon after the enterprise gets permission from Kirkos Sub-city.
AdIB whose gross profits are over 78 million birr, with 803 million birr in outstanding loans this fiscal year, hopes to start operating a branch in the area in the near future.
Hailu Alemu, President of AIB told Capital, “Morning to night, we process transactions related to the Abattoirs, and we wanted to open a branch there to service our clients and business people who regularly transact in that area. We made a two year advance payment because it enables the enterprise to facilitate the work that we need to do,’’ he added.
Hailu also pointed that it was not uncommon for private enterprises to rent from public enterprises. For example, we have a branch which is rented from the Ethiopian Insurance Company. Many private institutions rent buildings from government institutions. When we went there to install our network cables in preparation of opening the branch, they told us we are not permitted to do that. Now, we are waiting for clearance to launch our operation there,’’ he added.