First Bank of Nigeria expands its pan–African footprint to Senegal
Nigeria’s most valuable bank brand, First bank of Nigeria limited (FBN), a subsidiary of FBN Holdings Plc has announced that First Bank Senegal, formerly registered as International Commercial Bank (ICB) has commenced operations. The Bank’s Group Managing Director, Dr. Adesola Adedunta said the unveiling of FBN Bank Senegal aligns with the bank’s strategic ambition to broaden and build a more diverse footprint across Africa.
FBN Bank Senegal is strategically positioned to foster greater collaboration with, and provide better service for the general public, and the country’s public and private sector clients, the bank said.
The bank’s expansion to Senegal is part of the integration process and agreement reached for the acquisition of 100 percent equity interest in ICB Senegal. In 2013, FBN began the acquisition of ICB Gambia, ICB Ghana, ICB Sierra Leone and ICB Guinea from ICB Financial Group Holdings West Africa.
With representative offices in Beijing, Johannesburg, Abu Dhabi, and existing banking operations in London, France , Ghana, DR Congo, Guinea, Gambia, Sierra Leone and now in Senegal, First Bank further consolidates its position as the largest corporate and retail banking financial institution in sub-Saharan Africa, with the exception of South Africa.
This bold step also represents its strategic objective of maintaining significant market share and expanding its pan–African footprint while developing a multi-local business model that broadens its geographical revenue base.
First bank through FBN Senegal is committed to replicating the value it has built in Nigeria over the last century. “FBN Senegal will provide customers with diverse banking solutions to maintain a stress-free and more convenient financial lives,” said James Bittaye, Managing Director FBN Senegal.
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.
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