Nigerian bank to takeover ICB Ghana – BoG

The First Bank of Nigeria (FBN) is set to acquire the International Commercial Bank (ICB) Ghana as the regulator approves the transaction.

The Bank of Ghana (BoG) today September 24, 2013 announced that the ICB Financial Group Holdings AG “has decided to sell its holdings in ICB Ghana” to FBN.

In a statement, the central bank stated “by the terms of the approval, FBN is required to offload at least 40% of the shares to Ghanaians through private placement and/or the Ghana Stock Exchange, of which at least 25% should be offloaded by December 31, 2014 and the remainder not later than December 31, 2016.”

The FBN has acquired the subsidiaries of ICB Financial Group Holdings AG in The Gambia, Guinea, Senegal and Sierra-Leone.

By Ekow Quandzie