First Bank Emerges Bank of The Year
By Festus Akanbi
 6th NOV 2006

The nation’s foremost bank, First Bank of Nigeria Plc on Friday, confirmed its leadership position in the banking sector when it clinched the prestigious Bank of the Year award at the 2006 annual Bankers’ Dinner in Lagos.

First Bank also emerged as the best bank that allocated the highest proportion of its loans and advances to two key sectors of the economy, namely: the real sector and export-related activities.

Under the export sector finance category, Union Bank of Nigeria Plc and Access Bank Plc came second and third respectively while Zenith Bank and FCMB occupied second and third positions respectively, under the real sector category.

The Governor of the Central Bank, Prof. Charles Soludo, who presented the awards, described it as a testimony of the commitment of the management of First Bank to assist in building the nation’s economy. The Banker of the Year Award for the preceding year had gone to Chartered Bank, which has since metamorphosed, into IBTC Chartered Bank after its successful merger with IBTC.

Although details of its advances to the real and export sectors are not immediately available, industry watchers said that the bank, which made its debut as British West Africa’s premier financial services provider, on March 31, 1894, has distinguished itself as Nigeria’s leading financial institution in Nigeria.

First Bank has led the financing of private investment in infrastructure development in the Nigerian economy.

With seven local subsidiaries, the bank operates a full-fledged bank in the United Kingdom, and a representative office in South Africa.

The bank acquired its investment-banking subsidiary, FBN (Merchant Bankers) Limited and MBC International Bank Limited, a wholesale commercial bank as part of its consolidation programme

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