FirstBank of Nigeria Limited has completely integrated its business subsidiaries in six African countries in what it called a strategy move to becoming the leading sub-Sahara African financial services group.
The Group’s Managing Director/Chief Executive Officer, Dr. Adesola Adeduntan said in a statement that, “FirstBank’s expansion into the Sub-Saharan Africa markets clearly aligns with our strategic ambition to steadily broaden and build a more diverse footprint across Africa.”
“We are committed to developing a multi-local business model that broadens our geographic revenue base while providing bespoke financial services solutions across the value chains of our customers with cross-border financing needs”, he added.
Adeduntan disclosed that, “the bank’s strategy has been focused on restructuring the business to take advantage of growth opportunities within the industry, pursuing business line expansion across strategic business units, continuously implementing a systematic international expansion plan, sequencing its growth initiatives across defined metrics, as well as building synergies and cross-selling across the FirstBank Group.”
“This strategy supports the bank’s vision of being the leading sub-Sahara African financial services group. Continued implementation of this strategy will produce long-term profitable growth as well as build great franchises and deliver value to all stakeholders. The focus of the bank in terms of international expansion remains the financial services markets in sub-Saharan Africa,” he concluded.