First Bank of Nigeria Limited yesterday
announced the acquisition of the remaining shares in FBNBank DRC Limited
(FBNBank DRC), making the bank FirstBank’s wholly owned subsidiary.
FirstBank said the move followed its
initial investment in FBNBank DRC (formerly Banque Internationale de
Credit) in 2011, when it acquired a 75 per cent stake in FBNBank DRC.
Following the acquisition, a statement
explained that FBNBank 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 FirstBank, Dr. Adesola Adeduntan said: “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.”
Also in his remark, the CEO, FBNBank
DRC, Mr. Akeem Oladele pointed out that with 100 per cent holding by
FirstBank, FBNBank DRC now has much greater flexibility to deliver
differentiated propositions by fully tapping into the resources and
innovative capabilities of FirstBank in eight countries, on three
continents.
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