First Bank Acquires ICB’s West African Operations
VENTURES AFRICA – First Bank of Nigeria (FBN), a subsidiary of FBN Holdings Plc, has announced the acquisition of Swizz-based International Commercial Bank’s West African Assets which include ICB Ghana, ICB Sierra Leone, ICB Guinea and ICB Gambia.
The transaction was effected through the completion of a Conditional Sale and Purchase Agreement with ICB, expanding First Bank’s operations in Africa.
The expansion offers FBN a range of benefits including new growth options, a diversified and broader geographic earnings profile, reduced country specific risk and enhanced customer benefits, explained an official statement.
Through the deal, FirstBank has acquired existing banking operations in four new markets, with 28 branches – 17 in Ghana, 5 in Guinea, 4 in Gambia and 2 in Sierra Leone -which will be incorporated into its international banking operations headquartered in Lagos, Nigeria.
Commenting on the deal, First Bank’s CEO, Bisi Onasanya said: “The acquisitions fulfil our ambitions to
steadily build a broader and more diverse footprint across Africa.”
As a first step towards establishing a broader pan-African footprint, FirstBank had in October 2011, acquired a new subsidiary, Banque International de Crédit (BIC), one of the leading banks in the Democratic Republic of Congo.
The lender’s purchases are in tandem with its stated ambition to win significant market share, expand its pan-African footprint and diversify earnings while delivering value to shareholders.
FirstBank is one of the leading banks in Nigeria with a total asset base of N3.3trillion ($21.3 billion) as at 30 June 2013.
