Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Company News

Official Press Release From First Bank Confirming Its Acquisition Of International Commerce Bank

Nairametrics by Nairametrics
November 16, 2013
in Company News, Corporate deals
Official Press Release From First Bank Confirming Its Acquisition Of International Commerce Bank
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

FMDQ Exchange lists Presco’s N50 billion bond

Zenith Bank Plc announces retirement of Non-Executive Directors

FIRSTBANK LTD (“FirstBank Commercial Banking Group” or the “Bank”), a subsidiary of FBN Holdings Plc announces today that it has completed the acquisition of a 100% equity interest in ICB GHANA, ICB SIERRA LEONE, ICB GUINEA and ICB GAMBIA from INTERNATIONAL COMMERCIAL BANK FINANCIAL GROUP HOLDINGS AG (ICBFGH) (the “transaction”).

 

  • The transaction has been effected through the completion of a Share Sale and Purchase Agreement with ICBFGH.
  • As a result of the acquisition, FirstBank will consolidate its position as the largest corporate and retail banking financial institution in sub-Saharan Africa (excluding South Africa). The transaction delivers against FirstBank‟s stated ambition to win significant market share, expand its pan- African footprint and diversify earnings while delivering value to shareholders.
  • The transaction also has considerable strategic benefits, directly aligned with FirstBank‟s growth plans and provides a very strong platform for regional growth, as the Bank expands its operations to take advantage of opportunities across the wider continent. The international expansion offers a range of benefits, including new growth options, a diversified geographic earnings profile, reduced country specific risk and wider customer benefits. By establishing a footprint in carefully selected African countries, the Bank expects to improve its ability to effectively serve an increasingly international profile of corporate and institutional customers
  • The transaction has the support of the Boards of Directors of each of the banks involved and the relevant regulatory approvals have been obtained. The combined entity will be incorporated into the international banking operations of FirstBank, which are headquartered in Lagos, Nigeria.

 

Commenting on the transaction, Bisi Onasanya, Chief Executive Officer of FirstBank said:

 

The acquisition of ICBGFH assets in Ghana, Guinea, Gambia and Sierra Leone fulfils the first stage of our ambitions to steadily build a broader and more diverse footprint across Africa. We are committed to developing a multi-local business model that broadens our geographic revenue base while providing enhanced service delivery to our new customers.

By leveraging the transfer of FirstBank’s expertise and execution capabilities, supported by the Bank’s robust risk management and corporate governance policies, there is a strong opportunity for an appreciable rise in the combined entity’s asset turnover over time while net revenue synergies are set to improve profit margins.

Related articles from other sites

  • Nigeria’s First Bank completes takeover of ICB Ghana, others
  • FirstBank Buys ICB’s West Africa Operations
  • First Bank acquires the West Africa operations of International Commercial Bank

Related

Tags: fbn holdingsNews Review

Comments 1

  1. d4gmail says:
    November 16, 2013 at 5:32 pm

    Does this affect FBN company in Nigeria in anyway? Coz FBN is not only in Nigeria

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Financial steps you must take in your 40s to be rich
    • Nigeria’s Israel Adesanya set to earn up to $1.8million for defeating Jarred Cannonier
    • How will the Lagos Real Estate market perform in H2 2022?

    Follow us on social media:

    Recent News

    Financial steps you must take in your 40s to be rich

    Financial steps you must take in your 40s to be rich

    July 3, 2022
    Nigeria’s Israel Adesanya set to earn up to $1.8million for defeating Jarred Cannonier

    Nigeria’s Israel Adesanya set to earn up to $1.8million for defeating Jarred Cannonier

    July 3, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com