First Bank plans $3.3 bn merger

To further restructure for the challenges ahead, First Bank of Nigeria has announced its intention for international acquisitions and merger, even as the bank said talks are on ground for international deals.

This is coming even as the Central Bank of Nigeria (CBN) has said that the next phase of the nation’s banking reform would be in a way of merger and acquisition, in order to position the bank to meet global standards.

Group Managing Director of the First Bank, Mr. Bisi Onasanya, while disclosing the development, noted that the bank intends to finance the proposed acquisition in Nigeria and abroad with about $3.3 billion.

He said Nigeria remained the most attractive market in sub-Saharan Africa for First Bank and that it also intended to continue its domestic consolidation efforts adding that they will diagnose the candidate very well and only candidates that will add greater value to the First Bank balance sheet will be considered.

It would be recalled that the apex bank had sacked the management of eight banks and injected N620 billion ($4 billion) into the banking industry as bail out to rescue the troubled banks.