First Bank of Nigeria Limited has officially expanded its operations to Ghana, making it the largest corporate and retail banking financial institution in Africa (excluding South Africa).
This follows its 100 percent acquisition of International Commercial Bank Financial Group Holdings AG (ICBFGH) in Ghana, Gambia, Guinea and Sierra Leone in 2013.
The Ghanaian subsidiary, known has FBN Bank Ghana, will spread its operations across 17 branches in Ghana where ICB Ghana formerly operates.
“We (First Bank) 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,” FirstBank MD/CEO, Bisi Onasanya said at the bank’s launch at the Movenpick Hotel in Accra.
Created in 1894, FBN has established itself as a brand of strength, dynamism and innovation. It has been a leader in introducing banking solutions, setting up the pace for other financial players to follow in Africa.
“Having understudied the local market trends with a relative understanding of the fiscal and cultural dynamics at play, the Board and Management of the FBN-Bank Ghana have now taken up the role as a major and relevant player in the growth of the financial and business sectors of the economy and thus, have been operating as FBN-Bank Ghana Limited since June 2014,” CEO of FBNBank Ghana Seyi Oyefeso said.