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First Bank acquires ICB’s assets in West Africa

By on November 13, 2013

First Bank of Nigeria Holding (FBN) said its subsidiary, First Bank of Nigeria Limited (First Bank), has completed a deal to acquire a 100 per cent of the West African operations of Switzerland’s International Commercial Bank Financial Group Holdings to grow its international footprint, after it received approvals from the Central Bank of Nigeria (CBN) and regulators across West Africa.First-Bank-Nigeria

First Bank said in a statement, on Monday, that the deal will grow its balance sheet by 1.32 per cent. It said ICB’s West African operations had 28 branches, of which 17 are in Ghana, 5 in Guinea, 4 in Gambia and 2 in Sierra Leone.

With the acquisition of the Switzerland-based lender’s assets, First Bank joined other Nigerian banks such as Guaranty Trust Bank, Zenith Bank, United Bank for Africa (UBA) that have acquired stakes in major banks in Ghana and other West African countries.

First Bank gave no details of how much it paid to acquire the stake.

 

 

[Telegraph Nigeria]