• Tuesday, May 28, 2024
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FirstBank launches FirstBank Ghana to expand African footprint


Following the agreement reached by First Bank of Nigeria Limited and International Commercial Bank Financial Group Holdings Ag (ICBFGH) for the acquisition of a 100 percent equity interest in ICB GHANA, FirstBank has announced the launch of FBN Bank Ghana.

As a result of this acquisition, FirstBank has consolidated 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.

Speaking at the launch in Ghana, MD/CEO of FirstBank, Bisi Onasanya, said: “The acquisition of ICBGFH assets in Ghana fulfills 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 and equity participation to local investors.”

Commenting further on the launch, CEO, FBNBank Ghana Seyi Oyefeso said “having built value for Nigeria over the last 120 years, FBNBank is poised to do even more in the Ghanaian financial markets.  FBNBank provides customers with a collection of banking solutions that make their financial lives less cumbersome and stressful.

‘’Also, FBNBank has a history of leading the market with banking solutions that set the pace for other players in the financial landscape. The orientation of FBNBank towards co-creation means it is constantly listening and inputting feedback received from customers in development of products and services that are relevant.’’

Also speaking, the head, marketing and corporate communications, Folake Ani-Mumuney said: “The refreshed launch of FBNBank embodies our internal values and the direction we are headed in as a group, like the iconic elephant, which signifies strength and resilience, two of the greatest traits to have as an individual, an institution and as a nation. Since launch in 1894, the FBN brand has established itself as a brand of strength and dynamism, with the vision to be the leading international financial services group in sub- Saharan Africa. 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 Ghana 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 delivering on the needs of its customers as reflected in our value proposition of placing the highest priority on the needs of our customers.”

First Bank of Nigeria Limited, a subsidiary of FBN Holdings plc, is Nigeria’s leading financial services institution by total assets and gross earnings and one of the largest corporate and retail banking financial institutions in sub-Saharan Africa (excluding South Africa). Since its establishment in 1894, the bank has consistently built relationships with customers focusing on fundamentals of good corporate governance, strong liquidity, risk management and strong capitalisation.