• Monday, July 22, 2024
businessday logo

BusinessDay

FirstBank expands African footprint: Unveils FBNBank DR Congo

businessday-icon

First Bank of Nigeria Limited, a subsidiary of FBN Holdings plc, has unveiled FBNBank DR Congo, formerly registered as Banque Internationale de Credit (BIC). In 2011, FirstBank acquired a 75 percent equity interest in BIC and immediately reinforced it as one of the strongest banking institutions in the DRC.

Following the recent approval by Central Bank of Congo (BCC), the Banque Internationale de Credit has now become FBNBank DR Congo, a subsidiary of First Bank of Nigeria Limited. FBNBank DR Congo 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 launch further consolidates FirstBank’s position as one of the largest corporate and retail banking financial institution in sub-Saharan Africa (excluding South Africa) with presence in Ghana, Guinea, Gambia and Senegal as well as presence in the UK and representatives offices in Johannesburg, Paris, Abu Dhabi and Beijing, China.

The expansion represents FirstBank’s strategic objective to maintain significant market share, expand its pan-African footprint and diversify earnings while delivering value to shareholders. With over 35 branches in DRC, FBNBank DR Congo leverages FBN’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 of the market

Speaking on this development, Bisi Onasanya, CEO of FirstBank, said: “The launch of FBNBank DR Congo fulfills one of the critical stages of our 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.”

Commenting further, Cheikh-Tidiane N’Diaye, managing director, FBNBank DR Congo, said: “Having built value for Nigeria over the last 120 years, FBNBank DR Congo is poised to do even more in the DR Congo financial markets. FBNBank DR Congo will provide customers with a bouquet of banking solutions that make their financial lives less cumbersome and stressful while providing a delightful service experience.”

Folake Ani-Mumuney, head, marketing and corporate communications, said: “The refreshed launch of FBNBank DR Congo represents a milestone in our journey to be the largest financial services brand in sub-Saharan Africa and since our brand is at the heart of the holistic experience we seek to deliver to our stakeholders, an essential part of retaining patronage and the competitive edge that keeps us at the coveted position of market leader.

“Launching the FBNBank DR Congo is a major milestone in a wider strategic plan to expand our African footprints and as part of the drive to ensure that the group is more efficient and effective in meeting the needs of its customers as reflected in our value proposition of placing the highest priority on the needs of our customers.”