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What to know about FirstBank UK after 40 years

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FirstBank UK is a subsidiary of First Bank Group, the parent company of First Bank of Nigeria (FBN) Limited, headquartered in Lagos, Nigeria.

Established in the United Kingdom in 1982 as the London branch of the First Bank of Nigeria Limited, FBNBank UK was initially established to service the UK banking requirements of Nigerian companies and FirstBank.

Later in November 2002, the bank was incorporated in the UK as a registered and a wholly-owned subsidiary of First Bank of Nigeria Limited with offices in the City of London and has then developed into a much broader business in the gateway to Europe and beyond for African banks, companies and high net worth individuals.

FBNBank UK, a premier Nigerian bank in the UK with over 40 years’ experience of doing business extensively with the African market, recently celebrated its 40th anniversary, themed ‘Partnership beyond Borders’ in London.

The United Kingdom (UK) is seen by many as the most sophisticated banking market in Europe. The presence of a full-fledged subsidiary adequately regulated by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), is a key strength of the FBN brand.

“We are a specialist International Bank focused on facilitating trade between Africa and Europe from our Offices in London, Paris and Lagos. We provide world class international banking and trade services,” bank stated on its website.

The United Kingdom painted blue as the bank celebrated its 40th anniversary, on November 11,2022. The event which had customers, members of government functionaries and the diplomatic community, regulators, captains of industries in attendance, was convened to appreciate the patronage and support the bank had received since it opened its doors in the United Kingdom 40 years ago.

As key stakeholders, they were instrumental in establishing the bank as an important gateway to connect international markets in Africa, Europe and the rest of the world to the finest financial services solutions that the UK has to offer.

“FBNBank UK has the exclusive historical preserve as the first Nigerian fully-owned subsidiary in the UK. Since its establishment, our bank has demonstrated an unmatched dexterity, serving as a gateway connecting international markets in Africa, Europe and the rest of the world to the finest financial services solution that the UK has to offer,” Sam Aiyere, chief executive officer, FBN Bank UK Limited said.

“Through its office in the UK and the Paris branch, our bank has continued to facilitate international trade between Africa and Europe while offering top-notch, world-class corporate, institutional, and private banking solutions to our esteemed customers,” he said.

In his speech, Godwin Emefiele, governor, Central Bank of Nigeria (CBN), said, ”as the banking industry regulator, I would like to note that I have tremendous confidence in FirstBank Group. Over the last 128 years, FirstBank Group has continued to demonstrate uncommon capacity to shape the African, and indeed the global, economy and society with innovative ideas.”

He said FirstBank has transformed from a domestic bank to become a leading “Global” bank with presence in three continents – Africa, Europe and Asia.

The Bank has sustained its existence and continued growth through specific distinctive factors, such as adaptability to changing industry and macro-economic environment, customer-first operating principle, innovation-led approach to banking product and service design, strong corporate governance and ethical practices, strategy design and execution excellence, and continuous learning culture and focus of employee engagement.

FirstBank Group’s trajectory and focus over the last 128 years has made it clear to both domestic and international regulators and other critical industry stakeholders that the society is the cornerstone of its success and longevity.

According to him, the leadership team at FirstBank Group has consistently focused on making FirstBank to remain the bank of first choice by being innovative and delivering value-adding services to its customers, business partners and other stakeholders.

“I implore FirstBank to continue to play a leading role in the nation building process and positively impact the society in the future as the bank has done in the past. Indeed, FirstBank has been truly woven into the fabric of society,” Emefiele said.

Concluding his remarks he said, “I would like to encourage FirstBank Group’s leadership team to continue to build on the audacious vision of your predecessors in the advancement of the Nigerian banking industry, economy, and the African continent at large. You must make your presence in the City of London count in terms of the promotion of investment into Nigeria and other African countries in addition to facilitating trade with the rest of the world.”

Firstbank of Nigeria’s veteran status in the Nigerian banking space is a key strength that attracts business due to the knowledge, experience, and strength of the Firstbank brand. FBNBank UK thrives on this history and knowledge.

The FBN Group’s presence and coverage through its various subsidiaries in countries such as Democratic Republic of the Congo (DRC), Senegal, Ghana, Guinea, Guinea, Gambia, and Sierra Leone demonstrate its understanding and experience of business on the African continent; this again is a key strength for the FBN brand. This reach in Africa enhances FBNBank UK’s capacity to do business across Africa leveraging on the Group’s presence and coverage.

As a banker of banks, institutions, governments and generation to generation, FirstBank UK leverages technology to drive innovation, strengthen technology infrastructure to drive efficiency across all areas of the business and profitability.

Read also: FirstBank UK celebrates 40 years of enabling international trade

It is seen as an evolving and resilient bank from one shop silver barter to one stop financial supermarket. The bank pioneered ATMs in the banking sector, currently with over 2500 cash points.

In his goodwill message, President Muhammadu Buhari, President and Commander-in-chief, Federal Republic of Nigeria said “FirstBank has profoundly demonstrated a high level of nationalism by keeping the Nigerian dream at the heart of its business through constant evolution to birth agile financial services solution to suit the demands of its customers both home and abroad. Also, perhaps more than any other institution in its class, FirstBank has supported the Government by providing human resources at various times to boost much required professional expertise in various sectors of our economy.”

Appreciating the patronage and support extended to FBNBank UK, Adesola Adeduntan, CEO, FirstBank said “today we celebrate 40 years of unbroken business operations in the United Kingdom; 40 years of supporting and enabling dreams; 40 years of resilience and relevance; 40 years of trust, safety and security; 40 years of long-term value to all stakeholders; and 40 years of partnerships beyond borders. I believe the future is bright for FBN Bank UK. With our beautiful outing tonight, our Group stands out, once again, as one big and happy family of many parts.”

FirstBank Uk offers various products and services designed to meet the financial needs of its numerous customers. Such services include corporate banking, institutional banking and private banking.

“As the UK subsidiary of the First Bank of Nigeria, our products and services have been created specifically for international business executives, professionals, entrepreneurs and their families. We aim to be your trusted advisor, offering you our in-depth understanding of international and Sub-Saharan African markets, as well as access to our network of on-the-ground experts and influencers. So whether you choose to meet with our team in London, Paris or Nigeria, you will experience the same consistent service, and benefit from the same expert insight to help you make the best decisions for your financial situation,” the bank said.