First Bank of Nigeria increases stake in FBNBank DRC

First Bank of Nigeria Limited, the foremost Nigerian bank, has announced the acquisition of the remaining shares in FBNBank DRC Limited, making it FirstBank’s wholly owned subsidiary.

FirstBank said this follows its initial investment in FBNBank DRC, formerly Banque Internationale de Credit, in 2011, when the Bank acquired a 75 per cent stake in FBNBank DRC.

Following the acquisition, 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, a country with a population of more than 82 million.

Commenting on the acquisition, the Chief Executive Officer of FirstBank, Dr. Adesola Adeduntan, stated: “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 FirstBank to take advantage of emerging opportunities in DRC and the sub-region. This increased investment by FirstBank in FBNBank DRC – the 3rd largest banking entity in the group, will surely accrete value for shareholders.”

In his remark, the CEO, FBNBank DRC, Akeem Oladele, stated: “With 100% holding by FirstBank, FBNBank DRC now has much greater flexibility to deliver differentiated propositions by fully tapping into the resources and innovative capabilities of FirstBank in 8 countries, on 3 continents. FBNBank DRC is also now uniquely positioned to deepen customer reach, broaden offerings and accelerate its growth from top 5 to top 3 in DRC.”

It will be recalled that the premier Nigerian Bank recorded a strong gross revenue growth of 16 per cent in 2016, from N463 billion in 2015 to N536 billion in 2016, despite the challenging macroeconomic environment.

Similarly, FirstBank recorded a 10 per cent growth in profit before tax.

FirstBank provides an array of world-class financial services to both corporate and individual customers, serving over 12 million customers in Nigeria and more than 300,000 customers outside the country.

Recently, the Bank was named the first financial service institution in Nigeria and the West Africa sub-region to have issued 10 million cards, making FirstBank one of only two banks in Africa to have achieved this feat.

The Bank and its Subsidiaries make up the banking group – with international presence in DRC, Ghana, Guinea, The Gambia, Sierra Leone and Senegal, as well as the United Kingdom and China.

First Pension Custodian Limited, the non-bank subsidiary of FirstBank, is a market leading player in the Nigerian pension industry with assets under custody of about N2.6 trillion as at December 2016.