Nigeria’s First Bank Plc opens in Sierra Leone

First Bank Headquarters, Lagos.

First Bank Headquarters, Lagos.

13 April 2014, Lagos – First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc said it has expanded its footprint Sierra Leone with the unveiling of FBNBank Sierra Leone, formerly registered as International Commercial Bank (ICB).

The development came on the heels of the agreement reached by FirstBank and the International Commercial Bank Financial Group Holdings Ag (ICBFGH) for the acquisition of a 100 per cent equity interest in ICB Sierra Leone.

A statement from the bank explained that the expansion drive 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, 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, it added.

It stated that FBNBank Sierra Leone had been 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 stated that it leverages its 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 the development, the GMD/CEO of FirstBank, Bisi Onasanya, said, “The launch of FBNBank Sierra Leone 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.”

Commenting further, the Ag. Managing Director, FBNBank Sierra Leone, Nelson Akande said “Having built value for Nigeria over the last 120 years, FirstBank through FBNBank Sierra Leone is poised to do even more in the Sierra Leonean financial market. FBNBank Sierra Leone 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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