First Bank of Nigeria Increases Stake in FBNBank DRC
First Bank of Nigeria Limited yesterday announced the acquisition of the remaining shares in FBNBank DRC Limited (FBNBank DRC), making the bank First Bank’s wholly owned subsidiary.
First Bank said the move followed its initial investment in FBNBank DRC (formerly Banque Internationale de Credit) in 2011, when it acquired a 75 per cent stake in FBNBank DRC.
Following the acquisition, a statement explained that FBNBank DRC has continued to expand its product offerings, deepen its customer base and is currently ranked amongst the top five banks serving the Democratic Republic of Congo (DRC), a country with a population of more than 82 million.
Commenting on the acquisition, the Chief Executive Officer of FirstBank, Dr. Adesola Adeduntan said: “This transaction underscores our belief in Sub-Saharan Africa’s growth and our focus on providing a differentiated banking experience throughout Africa. This acquisition further consolidates our already robust African footprint and positions First Bank to take advantage of emerging opportunities in DRC and the sub-region. This increased investment by First Bank in FBNBank DRC – the 3rd largest banking entity in the group, will surely accrete value for shareholders.”
Also in his remark, the CEO, FBNBank DRC, Mr. Akeem Oladele pointed out that with 100 per cent holding by First Bank, FBNBank DRC now has much greater flexibility to deliver differentiated propositions by fully tapping into the resources and innovative capabilities of First Bank in eight countries, on three continents. Source: This Day Live