Citi Business News
has gathered that International Commercial Bank (ICB) Ghana has been taken over by First Bank of Nigeria.
According to sources close to the deal, due diligence for the takeover was completed in December and the deal proper was sealed in January this year.
Though it is unclear when the bank’s branding will be changed to that of First Bank, Citi Business News
has learnt it may be done before the end of the year.
International Commercial Bank Ghana is part of a Group which comprises a network of twelve banks spread through three continents; Asia, Eastern Europe and Africa.
It commenced operations in Ghana in 1996.
The bank’s business focus is on the provision of financial services to small and medium-sized enterprises within the economy.
Its acquisition by First bank is expected to lead to the birth of one of the biggest SME’s banks in the country.
First Bank was rated the most valuable Nigerian bank two years ago as well as the best retail bank last year.
In 2012, the Brand Finance Banking League tables rated it in the top 500 most valuable banking brands worldwide.
By: Vivian Kai Mensah/citifmonline.com/Ghana