First Bank to acquire Swiss bank’s W’African assets

Posted: November 12, 2013 in The Economy

First Bank of Nigeria is in talks to acquire 100 per cent of the West African banking assets of the Switzerland’s International Commercial Bank Financial Group Holdings, which has operations in four West African countries.

First Bank said in a filing through the stock exchange that it had received approvals for the transaction from the Central Bank of Nigeria and regulators across West Africa, a Reuters report indicated on Monday.

It hoped to conclude the deal soon for the bank’s assets in Ghana, Sierra Leone, Gambia and Guinea.

First Bank gave no details on how much it was paying to acquire the stake.

First Bank said it remained the Nigerian bank with a total asset base of N3.3tn ($21.3bn) as at June 30, 2013.

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