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First Bank Acquires ICB Senegal

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By AkinAkinremi

A major expansion has been unveiled by First Bank of Nigeria  Limited, a subsidiary FBN Holdings..

The lender has newly acquired bank is FBNBank Senegal, formerly known as International Commercial Bank, (ICB) .
The acquisition and unveiling of ICB is part of the integration process following the agreement reached by FBN Limited and International Commercial Bank Financial Group Holdings for the acquisition of a 100 percent equity interest in ICB Senegal.
The Managing Director of First Bank Limited, Dr. Adeduntan, said the launch consolidates the bank’s position as the largest corporate and retail banking financial institution in sub-Saharan Africa (excluding South Africa).
Adedutan said that 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 unveiling of FBNBank Senegal brand identity aligns with our strategic 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 bespoke financial services solutions across the value chains of our customers with cross-border financing needs,” he said.
“The newly established FBNBank Senegal will leverage on FirstBank’s international network, 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.
“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 at large 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.”
Commenting further, James Bittaye, Managing Director, FBNBank Senegal, disclosed that the bank would offer banking solutions that would have positive impact on the financial lives of customers and promised that the bank would always listen to and input the feedback received from customers.
“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 our customers in the development of products and services that are relevant.”

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