In a bid to capture more francophone businesses, First Bank of Nigeria Plc on Tuesday, opened a branch of its United Kingdom subsidiary, FBN Bank (UK) Limited, in Paris, France.

Inaugurating the branch, the Group Chairman, First Bank, Alhaji Umaru Mutallab, said it was another unique opportunity for the bank to provide excellent banking and financial services for the global community, especially the French-speaking West African business community.

He said, “As the relationship between the governments and citizens of Nigeria and France become increasingly strengthened, it is only logical that well-meaning institutions, like the First Bank Group, to be in the vanguard of providing the vital machinery for fostering the growing relationship.”
He explained that the bank’s foray into France was strategic in view of its relationship with other francophone countries in Sub-Sahara Africa.

According to him, “It is for this reason that our bank, the First Nigerian financial institution to take such initiative, is grateful for the support of the French Government, especially the French Monetary Authorities for the opportunity to establish in Paris. “In keeping with our determination to play a greater role in international trade flows from Nigeria to the rest of the world and vice versa, our London branch transited into FBN Bank (UK) Limited, Nigeria’s first full fledge subsidiary, which commenced operations effectively on November 1, 2002 and as you can witness, has been performing creditably well,” he noted.

The Group Managing Director/Chief Executive, First Bank, Mr. Jacobs Ajekigbe, said the Paris branch will be a window for African corporate bodies in France, particularly, the Franco-phone West Africa.
He said, “The best of services anywhere in the world. For our shareholders we promise the best of returns in form of good dividends on their investments and to the government, we promise to remain good corporate citizens.”

UK for over five years, said the Paris branch would consolidate its relationship with both the Anglo-phone and francophone economies. She said the bank would use its knowledge of both the UK and African businesses, and translate this into quality services to customers in Paris.
Specifically, she noted that hitherto, Nigerian banks and other existing banks had been unable to take advantage of the opportunities in the Franco-phone countries, to capture the smaller business groups, which had so far been ignored.

She said, “We are going to concentrate on trade finance between Nigeria and West Africa, which we could not penetrate. We will also engage in correspondence banking, which covers export and import.’
Nigeria’s Ambassador to France, Mr. Gordon Bristol, while encouraging the banking community to make First Bank a first choice in Paris, also promised, “We are going to do everything within our powers to ensure that FBN Paris succeeded here.

“First Bank has track record of quality service and good performance, good management of funds and people’s assets and giving good returns on investments.