First Bank of Nigeria |
First Bank of Nigeria Plc (FirstBank or FBN), with total assets of N2.3 trillion ($15.51 billion) at December 31, 2010, is one of the largest banks operating in Nigeria. First Bank is the last of the old generation banks operating in the Nigerian banking sector. FirstBank Group comprises 10 subsidiaries, spanning asset management, investment banking, capital markets, insurance, microfinance, private equity, mortgage and pension fund custodian services – making it one of the most diversified financial conglomerates on the continent. With over 600 branches and more than 1,300 ATMs as at May 31, 2011, FirstBank Group maintains the largest branch network in the banking industry in Nigeria. It also has a subsidiary in the United Kingdom, FBN Bank (UK), which has a branch in Paris and representative offices in South Africa and China. First Bank's ownership is well diversified with over 1.3 million shareholders, and no shareholder holds over a 5% stake. The largest shareholding is held by the staff pension fund, which holds 3.35%. First Bank's share price has more than halved from its peak value in March 2008, as a result of the turbulent Nigerian Stock Exchange. At December 31, 2010, the bank's market capitalization was N448.04 billion or 132.5% of tangible common equity. The Bank was founded in 1894 and is headquartered in Lagos. It was converted to a public company in 1970 and Bank’s shares were listed on the Nigerian Stock Exchange in 1971. Credit ratings
Head Office address: FirstBank International locations
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