Leveraging on its achievements to date - the synergy from its four-way bank consolidation and the impetus from the focused and competent management, First Inland Bank is perfecting its systems and processes to make it to industry's top position locally and also emerge strong global player.

The bank's Managing Director, Mr. Okey Nwosu, said its business strategy was to take banking services in its most quality form beyond the Nigerian shores to sub-Saharan Africa and the global financial market.
The objective is to maximise benefits to all stakeholders. Speaking at a parley with top business and financial journalists in Lagos on Wednesday Mr. Nwosu explained that the direction set by the management is to ensure the bank achieves set targets and is elevated to a position of dominance in all the areas of general financial services it is operating.

"Part of our growth and expansion strategy is to shore up shareholder's funds in excess of $1 billion, expand the network of branches, rejuvenate our brand, continuously launch innovative products, deliver excellent services to customers and more importantly meet and surpass shareholders' expectations," said the bank chief.

First Inland Bank will at its next annual general meeting, the first it is holding as a consolidated bank, seek shareholders approval for a fresh capital raising exercise. Following their approval, the entity will float new equities for public subscription and also raise debt instruments, a combination that is aimed at raising fresh N100 billion capital. According to the managing director, the bank will by the conclusion of the offers have a net worth of over $1 billion (about N128 billion), and pursue other growth plans from there.

It will be recalled that in the past financial year to April 2007, the bank posted a profit after tax of N6.5 billion. Total assets and contingents stood at N275.7 billion from N138.7 billion in 2006, representing 99 per cent growth. Customer deposits grew to N147 billion up from N62 billion in 2006, showing a positive variance by over 137 per cent. Analysts attribute the success recorded by the bank in the past year to improved cost efficient processes and the steadfastness of the management to deliver on the original vision of the consolidation, which is high and quality performance.

The managing director said the bank has employed the very best in people, technology and processes which are benchmarked against global best practices in bringing valued driven solutions to its teeming customers and the industry at large. First Inland set up 30 new braches in the past year and plans to open over 20 new branches before the end of the current financial year. It also plans to open outlets in the West, Central and East Africa regions. The banks presence in Ghana through the establishment of an e-payment company to render DSTV subscription and other flash me cash payments is said to be enjoying wide acceptability.

Besides the numbers, "First Inland Bank has continued to make commitments through various interventions to positively impart on the communities where it operates" said the managing director.