First Bank of Nigeria
First Bank of Nigeria Limited is a multinational bank and financial services company in Lagos, Nigeria. First Bank is owned by FBN Holdings PLC, which in itself has diversified ownership with over 1.3 million shareholders. Overview The First Bank Group offers over 700 business locations across Africa and has an agent Banking network with over 200,000 locations across Nigeria. The bank specializes in retail banking, with a client base in West Africa of over 18 million customers. First Bank, as a group, employs over 16,000 staff. It operates four key strategic business units: retail banking, corporate banking, commercial banking, and public sector banking. , bank had assets worth NGN5.9 trillion. The bank's profit before tax for the twelve months ending December 31, 2019 was approximately NGN70.8 billion. For the half-year ending June 30, 2022, FBN Holdings reported that its profit before tax rose by 45 percent compared to the same period a year earlier. Awards "Best Bank Brand in Nigeria" 2011–2016, by The Banker magazine of the Financial Times Group "Most Innovative Bank in Africa" (2014), in the EMEA Finance African Banking Awards “Best Bank in Nigeria” award by Global Finance Magazine 15 times “Best Private Bank in Nigeria” by World Finance Magazine seven times. “Best Banking Brand Nigeria, 2019” by Global Brands Magazine “Best Mobile Banking App: Nigeria, 2019” by Global Business Outlook “Best Financial Inclusion Program—Nigeria, 2019" by International Investor "Best Retail Bank in Nigeria" (2011–2018) by The Asian Banker. 21 on the list of "The Best 100 Companies to Work For" by Jobberman Nigiera 5 on the list "Best Workplace in the Large Corporates Category" Subsidiaries The subsidiaries of First Bank of Nigeria include the following: FBN Bank (DRC), Formerly Banque International de Credit (BIC) – Kinshasa, Democratic Republic of the Congo (75% shareholding), is a subsidiary of First Bank of Nigeria Limited and was until September 2014 called BIC, which was founded in April 1994 FBN Bank (China)—Beijing, China—representative office FBN Bank (Ghana) – Accra, Ghana – 100% shareholding FBN Bank (Guinea) – Conakry, Guinea – 100% shareholding FBN Bank (Senegal) – Dakar – 100% shareholding FBN Bank (Sierra Leone) – Freetown, Sierra Leone – 100% shareholding FBN Bank (South Africa): Johannesburg, South Africa – representative office FBN Bank (UAE) – Abu Dhabi, United Arab Emirates – representative office FBN Bank (UK) – London, United Kingdom – 100% shareholding – savings products sold under FirstSave brand FBN Bank (UK/Paris)—Paris, France—a branch of the subsidiary in the UK First Pension Custodian Nigeria Limited FBN Mortgages Limited FBN Bank (Gambia) FBN Holdings In 2010, the Central Bank of Nigeria revised the regulation covering the scope of banking activities for Nigerian banks. The universal banking model was discontinued, and banks were required to divest from non-core banking businesses or adopt a holding company structure. FirstBank opted to form a holding company, FBN Holdings Plc., to capture synergies across its already established banking and non-banking businesses. The new structure resulted in a stronger platform to support the group's future growth