A Review of the Nigerian Energy Industry

First Bank unveils DR Congo subsidiary

02 February 2015, Lagos – First Bank of Nigeria Limited has extended its African footprint with the completion of its acquisition of FBNBank DR Congo.

The bank was formerly registered as Banque Internationale de Credit (BIC).

First Bank Nigeria PlcFirstBank Nigeria disclosed this in a statement at the weekend.
In 2011, FirstBank acquired 75 per cent equity interest in BIC and immediately reinforced it as one of the strongest banking institutions in the DRC.

Following the recent approval by Central Bank of Congo (BCC), the Banque Internationale de Credit has now become FBNBank DR Congo, a subsidiary of First Bank of Nigeria Limited.

“FBNBank DR Congo 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 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 Ghana, Guinea, Gambia and Senegal as well as presence in the UK and representatives offices in Johannesburg, Paris, Abu Dhabi and Beijing, China.

“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,” it stated.

With over 35 branches in DRC, FBNBank DR Congo is expected to leverage on FBN’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 of the market.

Speaking on the development, the Group Managing Director/Chief Executive Officer, FirstBank, Bisi Onasanya, said: “The launch of FBNBank DR Congo 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.”

On his part, the Managing Director, FBNBank DR Congo Cheikh-Tidiane N’Diaye noted that having built value for Nigeria over the last 120 years, FBNBank DR Congo was poised to do even more in the DR Congo financial markets.

“FBNBank DR Congo will provide customers with a bouquet of banking solutions that make their financial lives less cumbersome and stressful whilst providing a delightful service experience

“FBNBank has a history of leading the market with banking solutions that set the pace for other players in the financial landscape. The orientation of FBNBank towards co-creation means it is constantly listening and inputting feedback received from customers in development of products and services that are relevant,” N’Diaye added.

Also speaking, the Head, Marketing and Corporate Communications, Folake Ani-Mumuney stated that the refreshed launch of FBNBank DR Congo represents a milestone in the financial institution’s journey to be the largest financial services brand in Sub-Saharan Africa.

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