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FBN Bank launches in Ghana
   News: Banking News

The launch became possible after the First Bank of Nigeria (FBN), a subsidiary of FBN Holdings Plc., in November 2013, completed the acquisition of 100 per cent equity interest in the West African operations of International Commercial Bank.


President Mahama commended management of FBN for starting its operations in the country and bringing its 120 years of banking experience to bear.

He said Ghana’s economy was growing and there was the need for the FBN Bank to support Small and Medium Enterprises in order to create more jobs.


He also called on Nigerian investors to invest in other sectors of the economy.


“I think what has happened in the financial sector in respect of Ghana and Nigeria is something that we should replicate in other sectors. We all have comparative advantages and I believe that every sector should be opened for cooperation between the two countries”, President Mahama said.


He said Ghana and Nigeria had common historical links and that should create the basis to build upon the economic relations.


President Mahama also called for mergers and acquisitions among Ghanaian businesses in order to grow to the multinational levels.


“A one hundred percent owner of a $20 million business is not as good as being the 20 percent owner of a $1 billion business. And so let’s stop this business about wanting to hold our businesses to ourselves and not letting the business grow beyond that, and bring people who have financial muscle to invest in the business and be a part owner of what is bigger than what we had when we were the 100 percent owner”.


“We must have mergers, we must have acquisitions; we must dilute our shares; and have a smaller share of a bigger cake than have a small cake of which we are the sole owner,” he said.


Seyi Oyesefo, Managing Director of FBN Bank Ghana, said it was counting on its excellent delivery of products and services across the world, to deliver an unmatched banking service in Ghana.

 


Source: SpyGhana

 

 

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