Nib Bank, Nib Insurance to Launch a half a billion Dollar HQs Construction on RasAbebe Road .NIB and NI have acquired a 2,400Sqm of land from the Addis Abeba City Administrations and later on added a 700Sqm plot, adjacent to the project site. To be constructed on a little over 3,000sqm plot leased on RasAbebeAregay Road, near the National Theater en route the Wabi Shebelle Hotel, the 33 story headquarters will have a foundation of over 30 meters in the ground with four basement floors.
The project may cost close to 600 million Br. For a financial twin that has nearly one billion Birr in combined paid-up capital (as in 2011/12), this will be their major capital investment since the bank was established in 1999 and the insurance firm in 2002.
Operating with 57 branches, the NIB has registered a gross profit of 389.8 million Br for the year 2011/12. NI has 21 branches across the country.