First Bank of Nigeria, one of Nigeria's biggest financial institutions, say they have finally acquired a 100 percent stake in International Commercial Bank Ghana, Gambia and Sierra Leone and Guinea.

According to First Bank, the transaction is been effected through the completion of a conditional sale and purchase agreement with ICB Ghana.

First Bank says the completion of the deal would position it as one of the largest corporate and retail banking institution in the sub region except South Africa, with a total asset of 21.3 billion dollars.

First Bank last month secured bank of Ghana's approval to take over International Commercial Bank Ghana ICB. It follows decision by parent company of   ICB to sell its state in Ghana and other four West African countries.

First Bank last year began due diligence on ICB Ghana for a possible takeover. However it had to wait for Bank of Ghana's approval before the deal was sealed.

Under the terms of the approval, First Bank is required to offload at least forty (40) percent of the shares to Ghanaians through private placement and or the Ghana Stock Exchange, of which at least 25 percent should be offloaded by December 31, 2014 and the remainder not later than 31st December, 2016.

This should mean that Ghanaians could have an opportunity to part owners of First Bank Ghana depending on the way the new owners decides to go. 

Joy Business gathers, International Commercial Bank (ICB) could be rebranded as First Bank by the first quarter of next year.

Sources say the new owners are considering whether they should go ahead and maintain  the brand name - International Commercial Bank - or change it as First Bank by March or April .