First Bank of Nigeria Limited says it has boosted its African expansion drive with the opening of a new branch in Guinea.
The bank in a statement on Wednesday said it had inaugurated FBNBank Guinea, which was formerly registered as International Commercial Bank, Guinea.
The lender said the inauguration came on the heels of the agreement reached by First Bank and International Commercial Bank Financial Group Holdings for the acquisition of a 100 per cent equity interest in ICB, Guinea.
“The launch further consolidates First Bank’s position as the largest corporate and retail banking financial institution in sub-Saharan Africa (excluding South Africa) with presence in Ghana, Gambia, Guinea, Senegal, and Democratic Republic of Congo as well as presence in the United Kingdom and representative Offices in Johannesburg, Abu Dhabi and Beijing,” the statement said
According to the financial institution, the expansion is part of its strategic objective to maintain significant market share, expand its pan-African footprint and diversify earnings while delivering value to shareholders.
The statement noted that “FBNBank Guinea 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 bank leverages First Bank’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 in the local market.
The Group Managing Director/ Chief Executive Officer, First Bank of Nigeria Limited, Mr. Bisi Onasanya, said, “The launch of FBNBank Guinea 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.”
The Managing Director, FBNBank Guinea, Mr. Akeem Oladele, was quoted as saying, “Having built value for Nigeria over the last 120 years, First Bank through FBNBank Guinea is poised to do even more in the Guinean financial market.