FirstBank Explains International Commercial Bank Acquisition

Following media reports, FBN Holdings Plc, on behalf of First Bank of Nigeria Ltd. (‘FirstBank’) has clarified its position regarding the approved application for the acquisition of International Commercial Bank (ICB) Ghana by FirstBank from ICB Financial Group Holdings AG.

Talks on the acquisition of ICB Financial Group Holdings AG, FBN Holdings said remain ongoing, promising to make the outcome public.

FBN Holdings Plc is the most diversified financial services group in Nigeria.

The affiliates of FBN Holdings offer a broad range of product and services across commercial banking, investment banking, insurance and microfinance business in seven countries (Lagos, Nigeria, London, United Kingdom; Paris, France; Johannesburg, South Africa; Beijing, China; Abu Dhabi, UAE and Democratic Republic of Congo).

The group , employing over 9,000 staff, services over nine million customer accounts, through about 807 business locations and over 2,200 ATMs.

The group boasts an excellent corporate governance structure under four business groups, namely: Commercial Banking, Investment banking and Asset Management, Insurance, and Other Financial Services.

FBN Holdings’ principal bank subsidiary is First Bank of Nigeria Plc (FirstBank), a commercial bank with operations in seven countries, as well as FBN Capital, a leading investment banking and asset management company; FBN Life Assurance, a life insurance business; and FBN Microfinance , which offers microfinance services

FBN Holdings Plc was incorporated in Nigeria on 14 October 2010, following the business reorganisation of the First Bank group into a holding company structure.

The company was listed on the Nigerian Stock Exchange under the ‘Other Financial services’ sector on 26 November 2012 and has issued and fully paid-up share capital as 32, 632,084,345 ordinary shares of 50 kobo each ((₦16,316,042,172.50).

FBN Holdings is owned by about 1.3 million shareholders across the globe and has an unlisted Global Depository Receipt (GDR) programme.