International Commercial Bank (ICB), Guinea was last week unveiled as FBNBank, Guinea. This unveiling is the outcome of the acquisition of a 100 per cent equity stake in ICB Guinea by First Bank of Nigeria Limited, a subsidiary of FBN Holdings.
A statement from the bank stated 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.”
“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 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.”
The Group Managing Director/Chief Executive Officer of FirstBank, Bisi Onasanya, is also quoted to have 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 new acquisition consolidates First Bank’s position as the largest corporate and retail banking financial institution in sub-Saharan Africa, with presence in Ghana, Gambia, Guinea, Senegal, and Democratic Republic of Congo.