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Congo Cenbank approves FirstBank acquisition of BIC

by Business News Report

Central Bank of Congo (BCC) has approved the acquisition of Banque Internationale de Credit (BIC) by First Bank of Nigeria Limited.
FirstBank of Nigeria Limited had acquired 75 percent equity interest in BIC in 2011, as part of its regional expansion efforts.
Announcing the approval in a statement on Friday, FirstBank said that name of BIC has subsequently being changed to FBNBank DR Congo
The Bank said, “Following the recent approval by Central Bank of Congo (BCC), the Banque Internationale de Credit has now become FBNBank DR Congo, a subsidiary of First Bank of Nigeria Limited. FBNBank DR Congo is strategically positioned to foster greater collaboration and provide better service for the country’s public and private sector clients, and the general public at large.
“The launch further consolidates FirstBank’s position as the largest corporate and retail banking financial institution in sub-Saharan Africa (excluding South Africa) with presence in Ghana, Guinea, Gambia and Senegal as well as presence in the UK and representatives offices in Johannesburg, Paris, Abu Dhabi and Beijing, China. The expansion represents FirstBank’s strategic objective to maintain significant market share, expand its pan-African footprint and diversify earnings while delivering value to shareholders. With over 35 branches in DRC, FBNBank DR Congo leverages FBN’s international network, business expertise, which is part of the diversified synergies of the FBN Group to offer innovative, convenient and secure banking services to its customers and better seize the emerging opportunities of the market”

“Speaking on this development, the Group Managing Director/Chief Executive of FirstBank, Bisi Onasanya, said: “The launch of FBNBank 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.”
“Commenting further, the Managing Director, FBNBank DR Congo Cheikh-Tidiane N’Diaye said “Having built value for Nigeria over the last 120 years, FBNBank DR Congo is poised to do even more in the DR Congo financial markets. FBNBank DR Congo will provide customers with a bouquet of banking solutions that make their financial lives less cumbersome and stressful whilst providing a delightful service experience.

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