FirstBank acquires Banque International de Credit of Congo

FirstBank ofNigeria PLC hasannounced the acquisition of Banque International de Credit ('B.I.C'), one of the leading banks in the Democratic Republic of Congo (DRC).The acquisition, which has been approved by the Central Bank of Nigeria (CBN), is in line with FirstBank's previously stated strategy, which includes international expansion aimed at growing the bank and increasing its footprint across Sub-Saharan Africa.The bank's expansion plans are expected to deliver benefits such as greater earnings diversification and increased shareholder value through higher returns on equity. Further, by establishing presence in carefully selected African countries, the bank expects to improve its ability to effectively serve an increasingly international profile of corporate and institutional customers.Speaking on the transaction, FirstBank's Group Managing Director, Bisi Onasanya, said, 'We are excited to welcome B.I.C into the FirstBank family and are pleased to launch our Sub-Saharan Africa expansion with this particular transaction. This acquisition is indicative of our belief in the potential of the DRC even as we have been attracted by the highly profitable and excellently run franchise of B.I.C.'Onasanya stated further, 'We look forward to strengthening ties with the DRC and other Sub-Saharan African countries as we continue to extend the FirstBank footprint across the continent. Although we are keen to increase our profile across Sub-Saharan Africa, we will continue to be guided by the overall objective of achieving excellent returns on investment for our millions of shareholders. We will continue to deploy capital efficiently and profitably, remaining a leader in every market we choose to operate.'CEO of B.I.C, Louis-Odilon Alaguillaume, said 'This is an important transaction for B.I.C and we look forward to continuing to grow B.I.C with the support of FirstBank as our parent company. FirstBank brings a wealth of experience and proven capabilities based on its 117-year track record in Nigeria and its presence in key financial centres including London, Paris, Johannesburg and Beijing.
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