First Bank of Nigeria Limited , the foremost Nigerian bank, announced the acquisition of the remaining shares in FBNBank DRC Limited ( FBNBank DRC ) , 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 ( DRC ) , a country with a population of more than 82 million.
Commenting on the acquisition , the Chief Executive Officer of FirstBank , Dr. Adesola Adeduntan , was quoted in a statement : “ 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 , said : “ With 100 per cent 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 three continents . FBNBank DRC is also now uniquely positioned to deepen customer reach , broaden offerings and accelerate its growth from top five to top three in DRC . ”
The premier Nigerian Bank had recorded a strong gross revenue growth of 16 per cent in 2016, from ₦463billion in 2015 to ₦536billion 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 ₦2. 6trillion as at December , 2016