First Bank of Nigeria Limited has confirmed that the recapitalization of its wholly owned subsidiary FBNBank Ghana to the revised minimum capital requirement is progressing according to plans.
The Managing Director/Chief Executive Officer (MD/CEO), First Bank of Nigeria and Subsidiaries, Dr Adesola Adeduntan, stated that “the Group is committed to ensuring the full capitalization of FBNBank Ghana ahead of the deadline.
"FirstBank is confident that the BoG’s directive will enhance the capacity of banks in Ghana to support local industries and sustainable economic growth."
The Nigerian bank with over $15 billion in assets and $1.9 billion in shareholders’ funds as at December 2017 said this on the back of the directive issued by the Central Bank last year to all banks in Ghana revising upward the minimum paid up capital to ¢400 million by December 2018.
Stating their commitment, Dr Adesola Adeduntan said the capitalization will immediately scale FBNBank Ghana to the fourth largest bank in the Group, with complete access to the innovative capabilities and global resources of FirstBank in eight countries on three continents.
He believes this will "deepen customer reach, broaden offerings and accelerate growth of our banking business in Ghana.”
Established in 1894, FirstBank is one of the leading financial institutions in Africa.
FirstBank has consistently built relationships with customers focusing on fundamentals of good corporate governance, robust liquidity, effective risk management and strong capitalization.
FirstBank provides an array of world-class financial offerings to over 15 million corporate, small businesses and individual customers.
With an extensive network of over 800 business locations and 2,600 ATM’s across Africa, Europe and Asia, FirstBank was in 2018 again named one of the 500 leading global banking brands.