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First Bank of Nigeria completes acquisition of FBN Bank DR Congo

There are more than 35 branches of First Bank in DR Congo. (Image source: First Bank of Nigeria)

First Bank of Nigeria has completed the acquisition of FBN Bank DR Congo, as part of plans to expand its presence in Africa

FBN Bank DR Congo, formerly known as Banque Internationale de Credit (BIC), is strategically positioned to foster collaboration between public and private sector clients as well as serve the general public better, stated First Bank officials. It is now a subsidiary of First Bank of Nigeria.

Bisi Onasanya, CEO of FirstBank, said, “The launch of FBN Bank DR Congo fulfills one of the critical stages of our ambition to steadily broaden and build a 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 and equity participation to local investors.”

In 2011, First Bank of Nigeria acquired 75 per cent equity interest in BIC and reinforced it as a leading bank in DR Congo. Now, there are more than 35 branches of First Bank in DR Congo, allowing the bank to expand its network, business expertise and offer convenient and secure services to customers.

With the launch, First Bank has consolidated its position as a major corporate and retail banking institution in sub-Saharan Africa (excluding South Africa) with a considerable presence in Ghana, Guinea, Gambia and Senegal.

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