First Bank of Nigeria has bolstered its African footprint with the launch of FBNBank Gambia, formerly registered as International Commercial Bank (ICB).
The move comes following an agreement by FirstBank and International Commercial Bank Financial Group Holdings to buy a 100% equity interest in ICB Gambia.
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Set up in 1894, First Bank of Nigeria is a subsidiary of FBN Holdings, and is touted as one of the largest corporate and retail banking financial institutions in sub-Saharan Africa, excluding South Africa.
The bank already operates in Ghana, Guinea, Sierra Leone and Senegal, has presence in the UK, along with representative offices in Johannesburg, Abu Dhabi and Beijing.
The expansion forms part of FirstBank’s strategy to maintain significant market share, expand pan-African footprint as well as diversify earnings while delivering value to shareholders, the bank stated.
Commenting on the launch, FirstBank GMD Bisi Onasanya said: "The launch of FBNBank Gambia is yet another milestone achievement in our ambition to steadily broaden and build a more diverse footprint across Africa.
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By GlobalData"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."
