FirstBank Acquires West Africa Operations Of International Commercial Bank

FirstBank LTD, a subsidiary of FBN Holdings Plc has announced its completion of the acquisition of a 100% equity interest in ICB Ghana, Sierra Leone, Guinea and Gambia from International Commercial Bank Financial Group Holdings Ag (ICBFGH).

The transaction has been effected through the completion of a Conditional Sale and Purchase Agreement with ICBFGH.

As a result of the acquisition, FirstBank will consolidate its position as one of the largest corporate and retail banking financial institutions in sub-Saharan Africa (excluding South Africa). The transaction delivers against FirstBank's stated ambition to win significant market share, expand its pan-African footprint and diversify earnings while delivering value to shareholders.

Commenting on the transaction, Bisi Onasanya, Chief Executive Officer of FirstBank said: “The acquisition of ICBGFH assets in Ghana, Guinea, Gambia and Sierra Leone fulfils the first stage of our ambitions to steadily build a broader and more diverse footprint across Africa. We are committed to developing a multi-local business model that broadens our geographic revenue base while providing enhanced service delivery to our new customers.

By leveraging the transfer of FirstBank's, expertise and execution capabilities, supported by the Bank's robust risk management and corporate governance policies, there is a strong opportunity for an appreciable rise in the combined entity's asset turnover over time while  net revenue synergies are set to improve profit margins.”