. Awash Bank to build 12 bln HQs
ADDIS ABABA – Awash Bank and Awash Insurance Company S.C., the first privately-owned bank and insurance companies in Ethiopia, have been celebrating their 25th Founding Anniversary under the theme “Celebrating Success, Envisioning the Future” with a month-long assortments.
Approached by The Ethiopian Herald, the sister companies disclosed that series of events have been holding throughout the months of October and November 2019 and the Anniversary occasions would be formally concluded on the Grand Ceremony on November 23, 2019 at Sheraton Addis Hotel.
Since their establishment, twenty five years ago, Awash Bank and Awash Insurance Company S.C. have been spearheading the private companies in the financial industry. The companies have also been in state of continuous and dynamic evolvement in delivering reliable banking and insurance service to the nation, it was stated
The sister companies claimed that they have left behind a successful past primed for continuous success in every operational areas and financial gains through adopting technologically tailored banking and insurance services.
Established on November 10, 1994 with a paid-up capital of 24.2 million Birr and launched its banking operations on February 13, 1995 through one branch, currently Awash Bank has a paid-up capital of 4.4 billion Birr and the number of branches reached over 412 across the country.
Whilst the Bank’s total assets stood at 80 billion Birr at the end of June 2019, its deposit reached above 62.2 billion Birr and the outstanding loans and advances exceeded 47.3 billion Birr in the reported period.
Being the pioneer in the private banking of the country, Awash Bank is also the first private bank in registering the annual gross profit above one billion Birr in the history of Ethiopia’s private banking industry. At the end of June
2019, the bank registered the gross profit of 3.3 billion Birr and it is the highest gross profit ever to be registered by Ethiopian private banks.
It was learnt that Awash Bank is planning to construct a new 50-storey skyscraper Headquarters at the cost of 12 billion Birr so as to enhance its national and international competitiveness.
The new headquarters would be located behind Ethiopian Electric Power Corporation’s main office, which is under construction in Kirkos Sub-City of Addis Ababa.
In a similar way, Awash Insurance Company S.C., which was founded on October 1, 1994 with a paid-up capital of 4.8 million Birr and with one branch, has been registering significant progress and by end of June 2019, its paid-up capital increased to 425 million Birr and number of branches and contact offices raised to 54.
Awash Insurance Company’s Gross Written Premium as at June 30, 2019 was over 797 million Birr, the highest from among private insurance companies in the country, it was noted.
The Ethiopian Herald November 5/2019
BY BILAL DERSO
