First Bank expands African operations to Senegal
Nigeria’s foremost financial institution, First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc has announced that FBNBank Senegal, formerly registered as International Commercial Bank (ICB), has commenced operations.
According to a statement by the bank, the unveiling was part of the integration process and agreement reached by FirstBank and International Commercial Bank Financial Group Holdings Ag (ICBFGH) for the acquisition of a 100 per cent equity interest in ICB Senegal.
“The launch further consolidates FirstBank’s position as the largest corporate and retail banking financial institution in sub-Saharan Africa (excluding South Africa) with presence in DR Congo, Ghana, Guinea, Gambia, Sierra Leone and Senegal as well as presence in the UK and Representative Offices in Johannesburg, Abu Dhabi and Beijing.
“The expansion represents FirstBank’s strategic objective to maintain significant market share, expand its pan-African footprint and diversify earnings while delivering value to shareholders.
The bank explained that FBNBank Senegal is strategically positioned to foster greater collaboration and provide better service for the country’s public and private sector clients, and the general public.
It explained that the bank leverages FirstBank’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.
Speaking on this development, the Group Managing Director of FirstBank, Dr. Adesola Adedunta noted that the unveiling of FBNBank Senegal brand identity aligns with the bank’s strategic ambition to steadily broaden and build a more diverse footprint across Africa.
He explained that the bank is poised to developing a multi-local business model that broadens its geographic revenue base while providing bespoke financial services solutions across the value chains of customers with cross-border financing needs.
The Managing Director, FBNBank Senegal, James Bittaye said: “Having built value for Nigeria over the last 120 years, FirstBank through FBNBank Senegal is poised to do even more in the Senegalese financial market. FBNBank Senegal will provide customers with a bouquet of banking solutions that make their financial lives more convenient and stress-free whilst providing a delightful service experience.
“Given our heritage and market leadership at FBNBank, we are committed to co-creation; to listen and input feedback received from customers in the development of products and services that are relevant,” he added.
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