First Bank of Nigeria (FBN) Holdings last week announced the complete acquisition of International Commercial Bank (ICB) Financial Group Holdings West Africa, after finalising the deal for ICB Senegal.
The bank’s Chief Executive Officer, Bisi Onasanya said he expects the acquisition to strengthen First Bank’s position as one of the largest retail banking institutions as well as the Largest Corporate financial institution in sub-Saharan Africa – with the exception of South Africa.
FBN began the acquisition last year in a complete take-over of ICB Gambia, ICB Ghana, ICB Sierra Leone and ICB Guinea from ICB Financial Group Holdings West Africa.
Covering ICB’s West Africa operations, First Bank has acquired existing banking operations in four new markets, two of which are in Sierra Leone, four in Gambia, five in Guinea and 17 in Ghana.
“The transaction delivers against First Bank’s stated ambition to win significant market share, expand its pan-African footprint and diversify earnings while delivering value to shareholders,” Onasanya added.
With a focus on the mid-corporate, and retail segments, ICB provides clear alignment with the bank’s existing strategic focus. ICB’s West African assets will enhance the Bank’s balance sheet by 1.32 percent.
“By this acquisition, First Bank has now completed its acquisition of ICB West Africa comprising operations in Guinea, Ghana, Gambia, Sierra Leone and Senegal,” the bank said.
First Bank expects its ability to serve its growing international corporate and institutional customers to increase by establishing a footprint in chosen African countries, an achievement its acquisition of ICB has afforded it.