Abyssinia Bank Returns Headquarters Design to Universal for Redesign

Abyssinia Bank Returns Headquarters Design to Universal for Redesign Universal Consultants Plc, which won the contract for the design and consultancy of the construction of the headquarters of Bank of Abyssinia (BoA), has been instructed to change the design it initially submitted. There is only one four-storey building, near Tele Medhanialem, that is fully owned by the Bank. The Bank will select the contractor after the revised design has been finalised, according to Zelalem Getahun civil engineer and representative of BoA. Universal, established with a capital of 20,000 Br twenty years ago, now has a capital of one million Birr. Its profit after tax and paid-up capital for the same period was 178. The redesign will leave the building shorter and wider, keeping its total floor area of 44,000sqm, according to Destalem Haileselase, manger of Universal Consultants. Construction is to take place on a 2,664sqm plot on Chad Street, west of Mexico Square, adjacent to the Federal Police Headquarters. Abyssinia has 55 branches, and its rent expense for the 2010/11 fiscal year was 22. 4 million Br and 315 million Br, respectively. Abyssinia and Universal signed the contract on March 26, 2012, at the Bank's head office residing on the cross Bidg. It presently has 1,318 shareholders. Abyssinia Bank Returns Headquarters Design to Universal for Redesign Trade News selected by Local Linkup on 03/04/2012