First Bank Acquires Equity Stake in Congolese Bank

First Bank today announced its acquisition of a Congolese bank, the Banque International de Credit (BIC). The deal was ratified by the central Bank of Nigeria.

B.I.C is regarded as one of the Congo’s most diversified financial institutions with a highly recognized brand and a strong reputation for service delivery and liquidity.

The bank was historically Barclays Bank and was founded in 1960. Following a decision by Barclays Bank to pull out of the country (Zaire at the time), there was a management buy-out of the assets and the brand was renamed Banque International de Credit.

In 2008, the bank took in international stakeholders namely Benny Steinmetz Group and Dan Gertler International.
First Bank’s Group Managing Director, Bisi Onasanya said, “We are excited to welcome B.I.C into the First Bank family and are pleased to launch our Sub Saharan Africa expansion with this particular transaction. This acquisition is indicative of our belief in the potential of the DRC even as we have been attracted by the highly profitable and excellently run franchise of B.I.C.”

Onasanya stated further, “We look forward to strengthening ties with the DRC and other Sub Saharan African countries as we continue to extend the First Bank footprint across the continent. Although we are keen to increase our profile across Sub Saharan Africa, we will continue to be guided by the overall objective of achieving excellent returns on investment for our millions of shareholders. We will continue to deploy capital efficiently and profitably, remaining a leader in every market we choose to operate.”