Nigerian bank First Bank Limited expects its foreign affiliates to make at least a 10% net contribution to its financial strength over the next five years. In Nigeria, the bank plans to connect 20 million customers as it accelerates its strategic repositioning.
By the end of 2019, part of this strategic repositioning will allow the bank to grow its customer base by 35%. “Our international subsidiaries are achieving our cross-border synergies goals, leveraging global account management,” notes the bank.
With respect to its objectives, First Bank aims to achieve a return on equity of 20% by 2019. The non-performing portfolio is expected to be below 10% by 2019, while the cost target is to income should be less than 55%.
First Bank has more than 750 branches offering a full range of financial services to individuals and businesses. Its foreign subsidiaries include: FBN Bank (UK) Limited in London and Paris, FBN Bank in Republic of Congo, Ghana, Gambia, Guinea, Sierra Leone and Senegal, as well as its representative office in Beijing, China.
