First Bank of Nigeria (FBN) has officially launched its operations in Ghana, after acquiring a 100% equity interest in ICBC Ghana from International Commercial Bank Financial Group Holdings (ICBFGH).
The Ghanaian subsidiary, known has FBN Bank Ghana, will spread its operations across 17 branches in Ghana where ICB Ghana formerly operates.
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This makes First Bank of Nigeria the largest retail banking and corporate financial institution in Africa (excluding South Africa).
Speaking at the launch in Ghana, MD/CEO of FirstBank, Bisi Onasanya, said: "The acquisition of ICBGFH assets in Ghana fulfills the first stage of our ambitions to steadily build a broader and 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 on the launch, FBNBank Ghana CEO Seyi Oyefeso noted that having built value for Nigeria over the last 120 years, FBNBank is poised to do even more in the Ghanaian financial markets.
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By GlobalData
