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First Bank of Nigeria Plc
Since the establishment of First Bank of Nigeria Plc in 1894, the Bank has consistently met growing market demands for financial services through a process of continuous reinvention. Its current customer centred architecture combines service delivery through the traditional branch outlet with the ease of the automated delivery channel to create a customer service experience that is strong on choice, convenience and mass customisation. Since its establishment, the Bank has been strategic to the wellbeing and growth of the Nigerian economy. Consequently, it has remained the most profitable banking franchise in Nigeria, with group profit after-tax of NGN36,54 billion in the financial year ended March 31, 2007. Underpinning this success is the Bank's strategy, with its focus on the two critical imperatives of modernisation and growth.
With 453 business locations as at March 31, 2007, the Bank has one of the largest domestic sales networks in Nigeria, all online in real time. As a market leader in the financial services sector, First Bank pioneered initiatives in international money transfer, MasterCard, lnterswitch and the ATM consortium. It is the industry leader in terms of value and volume of ATM transactions in the country.
The Bank has nine local subsidiaries and a subsidiary in the United Kingdom, as well as a representative office in South Africa. First Bank's growth strategy hinges on continued network expansion, product development, mergers and acquisitions and growth of its international footprint. In furtherance of this strategy, and in line with the imperatives of industry consolidation, the Bank in the 2005/2006 financial year acquired its investment banking subsidiary, FBN (Merchant Bankers) Limited and another bank, MBC International Bank Plc. Furthermore, the Bank is exploring alliances with key prospects in the industry with a view to creating the largest bank in West Africa and one of the largest on the continent.
In the last decade, by playing key roles in the Federal Government's privatisation and commercialisation scheme, First Bank has led the financing of private investment in infrastructure development in the Nigerian economy.
A key element of the Bank's strategy is its continued focus on retail banking/consumer financing, gradually shifting towards a high yield diversified portfolio by aggressively targeting the relatively under banked consumer market. To this end, the Bank provides both businesses and consumers with a broad range of financial products and services with which they can affordably finance asset acquisitions. Marketed under the U-First brand name, this suite of flexible products and services offers prospective customers financial solutions to help them achieve their higher quality of life goals.
In further evidence of the Bank's strength, Standard and Poors, an international rating agency, assigned the Bank a long term rating of "BB -" and "B" short term rating with a stable outlook. Fitch, another international rating agency, assigned the Bank "B" (long-term) and "B" (short-term) and a stable outlook. The agency also affirmed the Bank's "A" and "Fl " (nga) national long-term and short-term ratings respectively for the past five years. Global Credit Rating Company Limited assigned the Bank national long--term and short-term ratings of "AA" and "A+" respectively. Agusto & Co (a national credit rating agency) upgraded its long-term outlook on the Bank from an "A" rating in the 2001/2002 financial year to "Aa" in the last four years. These ratings are a manifestation of the strength of the Bank's domestic franchise and systemic importance in the industry in particular and the economy in general.
First Bank was rated number one among Nigerian banks in corporate governance practice in 2003 and 2005 by Johnston Irving Consulting, in collaboration with ICRA Pty Limited. In addition, the Bank was awarded the "Best Bank in Nigeria", "Best Trade Finance Bank in Nigeria", and "Best Foreign Exchange Bank in Nigeria" for three consecutive years in 2004, 2005, and 2006 by the US-based Global Finance magazine. FirstBank was listed on the Nigerian Stock Exchange (NSE) in March 1971 and has won the NSE's Annual President's Merit Award for the best financial report in the banking industry twelve times. First Bank won the Nigerian Stock Exchange's 2007 quoted Company of the Year award.
