ICB Financial Group Holdings AG has sold its holdings in International Commercial Bank, Ghana Limited (ICB) to First Bank of Nigeria (FBN). A statement released by Ghana's central bank said the transaction has been approved by the Bank of Ghana. "By the terms of the approval, FBN is required to offload at least forty percent (40%) of the shares to Ghanaians through private placement and/or the Ghana Stock Exchange, of which at least twenty-five percent (25%) should be offloaded by 31st December, 2014 and the remainder not later than 31st December, 2016." It may be noted that FBN has also acquired the subsidiaries of ICB Financial Group Holdings AG in The Gambia, Guinea, Senegal and Sierra-Leone.