First Bank of Nigeria acquires a Ghanian Bank
The First Bank of Nigeria has got the final approval for the acquisition of International Commercial Bank (ICB) from The Bank of Ghana (BOG) has
BOG approval was communicated in a statement issued on Wednesday. The terms of the approval required the FBN to off-load at least 40 per cent of the shares to Ghanaians through private placement or the Ghana Stock Exchange.
According to the statement, at least 25 per cent of the shares are expected to be off-loaded latest by Dec. 31, 2014, the balance should be off loaded not later than Dec. 2016.
The News Agency of Nigeria (NAN) report stated that the take-over include ICB’s subsidiaries in Gambia, Guinea, Senegal and Sierra-Leone.
According to NAN ICB is part of a group comprising a network of 12 banks spread through Asia, Eastern Europe and Africa.
Analysts say that the ICB’s acquisition by FBN is expected to give birth to one of the biggest SME- friendly banks in Ghana.
The FBN was two years ago rated the most valuable Nigerian bank and in 2012 the Brand Finance Banking League Tables rated it in the top 500 most valuable banking brands worldwide.
The ICB is part of a group comprising a network of 12 banks spread through Asia, Eastern Europe and Africa.
