First Bank of Nigeria – Reviews and Ratings

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Full Review

First Bank of Nigeria is a Nigerian bank and financial services firm. It is the country’s biggest bank. First Bank traces its ancestry back to the first major financial institution founded in Nigeria; hence the name.

First Bank has solidified itself as a brand of fortitude, strength and innovation in the Nigerian financial sector since its inception in 1894. The iconic African elephant with navy blue and ivory colours has been a national symbol of one of the biggest international players in the financial services industry to date.

The bank is the largest retail lender in the nation, while most banks gather funds from consumers and loan it out to large corporations and multinationals, First Bank has created a small market for some of its retail clients.

First Bank of Nigeria maintains a subsidiary in the United Kingdom, FBN Bank (UK), which has a branch in Paris. The bank also has representative offices in South Africa and China. In October 2011, the bank acquired Banque International de Credit (BIC), a leading bank in the Democratic Republic of Congo (DRC).

The company was named the best bank in Nigeria by Global Finance magazine in September 2006. The firm’s auditors are Pricewaterhouse Coopers (Chartered Accountants). The firm has solid short and long term ratings from Fitch and the Global Credit Rating Company partly due to its low exposure to non-performing loans. The firm’s compliance with financial laws has also strengthened with the Economic Financial Crimes Commission giving it a strong rating.

First Bank’s ethos of being “Dependably Dynamic” stands firmly on four pillars Leadership, Safety & Security, Enterprise and Service Excellence.

FirstBank was rated a Superbrand in 2007, from a pool of 2000 highly graded brands in Nigeria, by the Superbrand Nigeria Council and the 2012 BrandFinance Banking League tables rated the bank in the top 500 most valuable banking brands worldwide and the most valuable Nigerian banking brand in 2011.

Quick Review

Founded              1894, Re-named 1979

Headquarters    Lagos, Nigeria

Products             Financial Services

Revenue              US$1.35+ billion (NGN 211.2 billion) (Q3:2011)

Total assets        US$18.6 billion (NGN 2.9 trillion) (Q3:2011)

Website               www.firstbanknigeria.com

 

Here’s another review from Shoparazza

Categories: Bank Reviews