First Bank of Nigeria Limited is expanding into Ethiopia, Angola, and Cameroon as part of its growth strategy in sub-Saharan Africa. The bank’s Deputy Managing Director highlighted the new opportunities arising from the liberalization of financial markets. A recent law in Ethiopia allows foreign banks to open subsidiaries, marking a significant shift in the banking landscape.

First Bank of Nigeria Limited is poised for significant expansion in sub-Saharan Africa, targeting markets in Ethiopia, Angola, and Cameroon as part of its growth strategy. This follows a strategic acquisition phase over a decade ago, enhancing its regional presence. Deputy Managing Director Ini Ebong emphasized the appealing opportunities in these large economies, where financial markets are progressively liberalizing. With Ethiopia’s recent legislative changes permitting foreign banks to establish subsidiaries, First Bank is keen to establish a foothold amidst the evolving banking landscape.

First Bank of Nigeria Limited has been a key player in the African banking sector for over 130 years. The bank, which began expanding its operations into other African markets in 2011, has successfully acquired several institutions throughout sub-Saharan Africa. With the recent developments in Ethiopia allowing foreign banks to enter the market, First Bank aims to capitalize on the opening financial markets across the continent, identifying substantial opportunities for growth.

In summary, First Bank of Nigeria Limited seeks to leverage its established presence and strategic expansions in sub-Saharan Africa, particularly in Ethiopia, Angola, and Cameroon. The opening of Ethiopia’s banking sector for foreign investment presents a timely opportunity for First Bank. As regulatory landscapes evolve and financial systems liberalize, the bank is poised to enhance its contributions to the continent’s economic landscape while solidifying its franchise as a leading financial institution.

Original Source: nairametrics.com