November 10, 2009

First Bank Plc has disclosed its intention for international acquisitions and merger, saying that there are discussions on international deals that would help restructure the bank for the challenges ahead.Bisi Onasanya, managing director and chief executive officer of the bank who disclosed this development added that the bank intends to finance the proposed acquisition in Nigeria and abroad with about $3.3 billion.

He said Nigeria remained the most attractive market in sub-Saharan Africa for First Bank and that it also intended to continue its domestic consolidation efforts adding that they will diagnose the candidate very well and only candidates that will add greater value to the First Bank balance sheet to be considered.The Central Bank of Nigeria (CBN) has said it expects a second round of consolidation in the banking industry. The CBN has injected N600 billion ($4 billion) into the banking industry as bail out to rescued some banks.