First Bank’s Expanded Frontier

FIRST Bank of Nigeria is negotiating to acquire 100 percent of the West African banking assets of Switzerland’s International Commercial Bank Financial Group Holdings, ICBGHF, which has operations in four West African countries. First Bank said it had received approvals for the transaction from the Central Bank of Nigeria, CBN, and its regulators across West Africa.

The bank said the transaction would expand the bank’s geographic footprint to cover 10 markets internationally, with existing operations outside Nigeria in the United Kingdom and France through its subsidiary in the United Kingdom, UK.

Bisi Onasanya, chief executive officer, FBN, said the acquisition of ICBGHF assets in Ghana, Guinea, the Gambia and Sierra Leone has fulfilled the first stage of their ambition to steadily build a broader and more diverse footprint across Africa.”We are committed to developing a multi-local business model that broadens our geographic revenue base while providing enhanced service delivery to our new customers.”

AfDB’s New Strategy on Government

Donald Kaberuka, President AfDB
Donald Kaberuka, President AfDB

AFRICAN Development Bank, AfDB, has inaugurated a web consultation on its new governance strategy for 2014-2018. It is aimed at receiving feedbacks from all its stakeholders on their expectations on the bank’s future governance interventions. Lobe Ndoumbe, AfDB’s director, governance and financial management, said the vision of AfDB for Africa is governed by transparent, accountable and responsive governments with strong institutions that are capable of driving inclusive and sustainable growth.

According to him, AfDB’s new governance strategy is based on the group’s strategy for 2013-2022 in which governance and accountability are among the core operational priorities to be mainstreamed across the bank. “Through its web consultation, AfDB seeks to inform all stakeholders on its proposed governance strategic directions for 2014-2018 and to receive feedback on their expectations on its future governance interventions.”

Patricia Laverley, the GAP II Task Manager, AfDB, said that they welcome feedbacks on whether their governance strategic direction and action plan for 2014-2018′, GAP II has identified the key governance challenges confronting Africa and whether the three proposed strategic pillars and associated operational activities would be adequate to address them.

Compiled by Chinwe Okafor

– Nov. 25, 2013 @ 01:00 GMT

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