Further to the notification by FBN Holdings Plc on November 7, 2013 of the proposed acquisition, by one of its subsidiaries, First Bank of Nigeria Limited (First Bank) of 100% equity interest in the West African banking assets of International Commercial Bank Financial Group Holdings in Ghana, Guinea, Gambia and Sierra Leone, FBN Holdings Plc has informed The Exchange that the transaction has now been finally concluded.
FBN Holdings Plc further stated that it has fulfilled all the conditions precedent for the transaction including the receipt of regulatory approvals in Ghana, The Gambia, Guinea and Sierra Leone as well as the approval of the Central Bank of Nigeria (CBN). A completion meeting has also been held on November 8, 2013 to close the transaction in the four countries for which approval has been received.
Having completed in those jurisdictions, the Bank is hopeful that the outstanding Senegal transaction will occur by February 2014 on the receipt of regulatory approval from Banque Centrale des Etats de l’Afrique de l’Quest (BCEAO).
The acquisition of ICB Ghana, ICB Gambia, ICB Guinea and ICB Sierra Leone is expected to increase First Bank’s total assets by US$258m and shareholders’ funds by US$65m. In addition, it is also expected that the West African acquisition will contribute 3% in net revenues to the FBN Group by 2016 with significant upside based on the favourable market dynamics of the underlying countries.
Source: NGSE.
