One of Africa’s richest banks, First Bank of Nigeria Plc said early this week that it is expanding to Guinea following its 100 percent acquisition of International Commercial Bank (ICB) now known as FBN Bank Guinea.
The launch further consolidates First Bank’s position as the largest corporate and retail banking financial institution in sub-Saharan Africa (excluding South Africa) with presence in Ghana, Gambia, Guinea, Senegal, and Democratic Republic of Congo as well as presence in the UK and Representative Offices in Johannesburg, Abu Dhabi and Beijing,” the lender said in a statement.
According to the subsidiary of FBN Holdings Plc, the expansion represents its strategic objective to maintain significant market share, expand its pan-African footprint and diversify earnings while delivering value to shareholders.
The lender says FBN Bank Guinea is strategically positioned to foster greater collaboration and provide better service for the country’s public and private sector clients, and the general public at large. “The Bank leverages First Bank’s international network, business expertise, which is part of the diversified synergies of the FBN Group to offer innovative, convenient and secure banking services to its customers and better seize the emerging opportunities in the local market,” the statement added.
Bisi Onasanya, Group Managing Director/Chief Executive Officer (GMD/CEO) of First Bank commenting on the development said the launch of FBN Bank Guinea fulfils one of the critical stages of the lender’s ambition to steadily broaden and build a 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 and equity participation to local investors,” he affirmed.
On his part Akeem Oladele, Managing Director (MD) of FBN Guinea said having built value for Nigeria over the last 120 years, First Bank through FBN Bank Guinea is poised to do even more in the Guinean financial market.
According to him, FBN Bank Guinea will provide customers with a bouquet of banking solutions that will make their financial lives more convenient and stress-free whilst providing a delightful service experience.
“Given our heritage and market leadership at FBN Bank, we are committed to co-creation; to listen and input feedback received from our customers in the development of products and services that are relevant”, Oladele added.
On May 27, 2014 FBN Holdings announced that its subsidiary First Bank of Nigeria Limited has completed the acquisition of ICB Senegal, which represents the last jurisdiction of the West African assets of ICB Financial Group Holdings.
’By this acquisition, First Bank has now completed its acquisition of ICB West Africa comprising operations in Gambia, Ghana, Guinea, Sierra Leone and Senegal,’’ FBN Holdings said.