PM Abiy Ahmed inaugurates CBE’s new 53-story headquarters at the cost of 303.5 million USD.

February 14, 2022

The Commercial Bank of Ethiopia, formed in 1942, started with only two branches. It was established with a one million Maria Theresa capital in 1942 and currently has a 1.1 trillion ETB in assets, 3.4 million customers, and 1,795 branches. It is the largest commercial bank in Ethiopia and operates two branches in South Sudan. It aims to re-open in Djibouti and open in Dubia and DC for the Ethiopian diaspora.

The bank is the first to introduce modern banking to Ethiopia and the first bank in Ethiopia to introduce ATM services for local users. It is the first bank to introduce Western Union Money Transfer Services and works with over 20 money transfer agents such as Atlantic International, Xpress Money, and Money Gram. CBE has a dependable and continuing relationship with internationally recognized banks worldwide.

The new state-of-the-art headquarters has 53 floors, a total area of 165,476.4 square meters, and is above 209 meters tall. It took nearly six years to complete and is located around Ras Desta Damtew Street. The inauguration took place on February 13, which also happens to be the day of CBE’s 80th anniversary.

The building’s layout, functionality & technology come close to the designs of several banks in the US. The building consists of areas open to the public, such as an exhibition area, cafeteria, sighting area, shopping mall, cinema, gymnasium, spa, children entertainment, restaurant, and game areas.

Henn Architekten, a German firm, designed the tower back in 2011 but didn’t start construction until 2015 due to the bank not getting approval from the state. This headquarter is the 3rd tallest building in Africa, the tallest in East Africa, and CBE is currently among the largest banks in East Africa.

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