First Bank Announces Name Changes for Subsidiaries in Africa, Gives Reasons
- First Bank has announced the name change of its subsidiary in several countries to align with the parent brand
- The bank states that the move will help create brand clarity and consistency across all FirstBank Group subsidiaries
- First Bank has branches in various countries across Africa and Europe
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First Bank of Nigeria Limited has announced a name change for its subsidiaries in various countries, aiming to establish a consistent brand identity.
In a statement seen by Legit.ng, the bank announced that all its subsidiaries will no longer carry the "FBN" prefix followed by the country's name.
Instead, they will adopt a "FirstBank" followed by the respective country's name.
Source: Getty Images
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The most recent change involves FBNBank Guinea, which will now be recognised as FirstBank Guinea.
This follows the earlier change of FBNBank Senegal and FBNBank Ghana, now known as FirstBank Senegal and FirstBank Ghana respectively.
Legit.ng had also reported on the name change for FBNBank UK, FBNBank Sierra Leone, FBNBank Gambia, and FBNBank DRC to FirstBank UK, FirstBank Sierra Leone, FirstBank Gambia, and FirstBank DRC.
First Bank explains name change
First Bank hopes the name change will improve service quality, brand clarity, and consistency across all its markets.
Speaking on the name change, Adesola Adeduntan, CEO of FirstBank Group, said:
"The name change which coincides with FirstBank’s 129th founding anniversary (as of March 31st, 2023) is indeed a milestone reflective of our resolve to continuously provide the gold standard of excellence and value as we put our customers First.
The new identity of the subsidiaries contributes to an enhanced brand presence. It helps our customers and stakeholders better appreciate the value of the diversified product suites, competitive pricing, and extensive business networks the FirstBank Group offers.
These include our commitment to boosting cross-border businesses including trade and investment opportunities essential to enhancing trade relations amongst countries, thereby strengthening the economies of host communities and reducing poverty.”
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Meanwhile, in another report, Legit.ng revealed the list of commercial banks with the highest customer loans in the first six months of 2023.
Access Bank led the table with over N6 trillion in customer loans, followed by First Bank and United Bank of Africa.
The Central Bank of Nigeria mandates banks to loan at least 65% of deposits in their possession.
Source: Legit.ng
