FirstBank Group Hires Competitor’s CEO to Lead UK Subsidiary

FirstBank Group Hires Competitor’s CEO to Lead UK Subsidiary

  • FirstBank Group has appointed a new executive to chair its operation in the United Kingdom
  • Olukorede Adenewo was appointed the new MD/CEO for the company's UK subsidiary
  • The bank stated that Adenewo has a wealth of experience required to improve its operations

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

FirstBank Group has appointed Olukorede Adenewo as the new Managing Director/Chief Executive Officer to lead its UK subsidiary, FirstBank UK.

The appointment became effective from November 16, 2023, subject to regulatory approvals, a statement by the company highlighted.

First Bank hires its competitor’s CEO to lead UK subsidiary
Adenewo has demonstrated exceptional leadership and strategic vision. Photo Credit: First Bank Group
Source: UGC

Adenewo demonstrated exceptional leadership

The statement noted that Adenewo has demonstrated exceptional leadership and strategic vision.

Read also

"They all studied law": List of 4 popular Nigerian politicians who graduated from Baze University

In addition, his deep understanding of the global financial landscape brings a wealth of experience built by a proven track record of success in the banking industry across several countries.

Adenewo was the Chief Executive Officer of Standard Chartered Bank Nigeria before his appointment. He joined the Corporate Banking sector of the bank in 1999.

He has held important roles, including MD/CEO of SCB Gambia, Deputy MD/CEO of SCB Cameroon, and MD of Corporate Commercial and Institutional Banking for SCB Nigeria and West Africa.

Furthermore, he held the position of Non-Executive Director at SCB Sierra Leone and SCB Gambia. As a board member of the Chartered Bank Group, he gained over 13 years of priceless expertise.

Education and awards

Adenewo began working with Deloitte Nigeria in 1991 and earned his chartered accountancy certification, and in 2015, Deloitte Nigeria presented him with its Distinguished Alumnus honour.

In 2003, he became a Fellow of the Institute of Chartered Accountants of Nigeria.

Read also

48th convocation: UNIBEN honours Fashola, Kayode Adegbulugbe, Gbenga Komolafe, others

He received management training in leadership at INSEAD and Oxford University's Said Business School.

Adeduntan approves Adenewo's appointment

Dr Adesola Adeduntan, the CEO of FirstBank Group, expressed confidence in the new CEO of the company's UK subsidiary.

Adeduntan said:

On behalf of the Board, Management, and staff of FirstBank Group, we are excited to welcome Olukorede Adenewo to the FirstBank family.
With his wealth of experience, we are confident that he is the perfect fit to lead FirstBank UK into its next phase of growth and development.

Legit.ng earlier reported that First Bank of Nigeria Limited has announced a name change for its subsidiaries in various countries, aiming to establish a consistent brand identity.

Trouble for Nigerian banks in Congo as country's central bank imposes sale of 45% stake

Legit.ng reported that the Nigerian banks in Congo could be affected by the new directive by the Central Bank of Congo. The instruction mandates banks to sell 45% of their stake within three years.

Read also

Jubilation as President Tinubu makes 2 fresh appointments

The apex bank wants traditional banks in the country to have at least four unrelated shareholders holding a minimum of 15% each.

This must include the current owner of the bank to allow the institution to spread risk.

Source: Legit.ng

Tags:
Online view pixel