FirstBank increases stake in FBN Bank DRC

First Bank CEO, Dr. Adesola Adeduntan

First Bank of Nigeria Limited (FirstBank), the foremost Nigerian bank, yesterday, announced the acquisition of the remaining shares in FBN Bank DRC Limited (FBN Bank DRC), making it First Bank’s wholly owned Subsidiary.

First Bank said this follows its initial investment in FBN Bank DRC (formerly Banque Internationale de Credit) in 2011, when the Bank acquired a 75% stake in FBN Bank DRC. Following the acquisition, FBN Bank 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 First Bank, 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, FBN Bank DRC, Mr. Akeem Oladele stated, “With 100% holding by First Bank, FBN Bank DRC now has much greater flexibility to deliver differentiated propositions by fully tapping into the resources and innovative capabilities of First Bank in 8 countries, on 3 continents. FBN Bank 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% in 2016, from ₦463 billion in 2015 to ₦536 billion in 2016, despite the challenging macroeconomic environment. Similarly, First Bank recorded a 10% growth in profit before tax.

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 First Bank, is a market leading player in the Nigerian pension industry with assets under custody of about ₦2.6 trillion as at December, 2016.