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First Bank of Nigeria Acquires Commercial Bank in Ghana

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First Bank of Nigeria (FBN) has received approval from The Bank of Ghana (BOG) for acquisition of Ghana’s International Commercial Bank (ICB), with subsidiaries in Gambia, Guinea, Senegal and Sierra-Leone. The BOG disclosed that the terms of the approval required the FBN to offload at least 40% of the shares to Ghanaians through private placement or the Ghana Stock Exchange.

The BOG in a statement also said, “At least 25% of the shares are expected to be off-loaded latest by December 31, 2014, while the balance should be off loaded not later than December 2016.”

ICB started operations in Ghana in 1996 with focus on Small and Medium Scale Enterprises (SMEs).

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