FBNBank UK, now 40 years old, is relying on FirstBank’s fine history.

The oldest bank in Nigeria, First Bank of Nigeria Limited (FirstBank), has a 40-year-old “son” in the United Kingdom. FirstBank has been in continuous operation for 128 years.

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The story of the “son” might be written by just repeating the story of the father, less the 88 years of experience the parent has over FBNBank UK, the son, if the apple never falls far from the tree and this “son” is a chip off the old block.

So FBNBank UK’s story will have to be told, not separately or in isolation from FirstBank, within whose network FBNBank UK lives and thrives, but to highlight why this son, standing on the broad shoulders of the giant parent, FirstBank, is a successful “son,”  just like its parent.

FBNBank
As the international banking and treasury center of FirstBank, FBNBank UK acts as a connecting hub between the FirstBank Group and its regulatory, financial, and social partners. According to its chief executive officer (CEO), Sam Aiyere, it has the exclusive historical distinction of being the first Nigerian fully-owned subsidiary [of a bank] in the UK.

FBNBank UK provides world-class, cross-border trade and investment services to institutions, corporations, and individuals conducting business in and with Africa’s most dynamic and vibrant economies through its range of bespoke domestic and international banking and financial services.

With a branch in Paris and a representative office in Lagos, FBNBank UK operates out of the City of London, one of the world’s leading financial centers. This strategic location, according to its CEO, ensures that FBNBank UK serves as a gateway for connecting international markets in Africa, Europe, and the rest of the world to the finest financial services solutions that the UK has to offer.

Such a strategic location also fosters international banking relationships for Nigerian and foreign businesses alike, facilitates international trade between Africa and Europe, and offers top-notch, world-class corporate, institutional, and private banking solutions to the esteemed customers of FBNBank UK.

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, recently expressed similar sentiments in his speech commemorating FBNBank UK’s 40th anniversary in the UK.

Full of praise for the “ambition, foresight, and determination” of former FirstBank employees (including Chief Joseph Sanusi, who later became Governor of the CBN) that spearheaded the efforts leading to the establishment of FBNBank UK so many years ago, Emefiele remarked: “Today, we stand on the shoulders of these giants of the Nigerian banking industry who have made this day possible.” Emefiele noted that “FBNBank UK’s established presence in a leading global financial center such as London ensures that FirstBank Group is well positioned to play an active role in the promotion of Africa as an investment destination, attract much needed capital to the continent, and facilitate trade with other parts of the world.”

With about 200 foreign banks operating in the UK (accounting for 15 percent of the outstanding value of international bank lending) and about US$3.8 trillion in daily forex (which is more than one third of worldwide trades, playing a key role in the global trade finance business), it is easy to see why, in Emefiele’s words, “FBNBank UK’s location in London positions it to be the partner of choice to… global financial institutions with the capacity to move the needle on the African continent [providing FBNBank UK] an unbridled level of opportunity for partnerships to finance African economic growth and development.”

He highlighted other benefits of FBNBank UK’s strategic location in the UK, including: opportunities to facilitate trade; positively influence foreign direct investment into the African continent (given the presence of many multinational companies using London as a hub for their geographical operations covering Africa); knowledge transfer and adoption of best practices from the UK to improve the maturity and sophistication of Nigeria’s financial industry (especially in the areas of corporate finance, risk management, and compliance).

Others include: beneficial partnership opportunities for FBNBank UK given the large diaspora population in the UK, as well as generation of investment into the continent, as well as creating markets for Nigerian and African manufacturers to export into the UK and wider European continent by tapping into the networks, skills, and entrepreneurial spirit of Nigerians and Africans globally.

Commending the huge success that FBNBank UK has become, Emefiele stated: “Success stories such as what has been achieved at FBNBank UK should be widely celebrated, not just for posterity’s sake but also to inspire a younger generation of Nigerians and Africans to dream bigger and take pride in what their fellow citizens have achieved.”

He noted that FBNBank UK demonstrates that Nigerian businesses can thrive in developed markets while embracing their African heritage and benefiting the economic development of their home nation. He maintained that the bank’s continued excellence and climb to greater heights were important for the “future prosperity of our nation and continent”.

While the CBN governor could not hide his admiration and praise for the deserving “son” that FBNBank UK has turned out to be, he had heaps of encomiums to shower on the parent FirstBank. Hear him: “As the banking industry regulator, I would like to note that I have tremendous confidence in FirstBank Group.”

He pointed out how, over the last 128 years, the FirstBank Group has been relentless in demonstrating an uncommon capacity to shape the African as well as the global economy and society with innovative ideas. He eulogized FirstBank’s transformation from a domestic player founded 128 years ago to a leading “global” player with presence in Africa, Europe, and Asia.

Highlighting the fact that FirstBank’s presence in other countries outside Nigeria is indicative of its continent-wide impact, the CBN Governor argued that FirstBank’s being headquartered in the largest economy on the continent ensures that it has “a unique role in also facilitating capital flows into other African countries and assisting their economic growth and development.”

For Dr. Emefiele, the distinctive factors through which FirstBank has sustained its existence and continued growth include the bank’s adaptability to changing industry and macro-economic environments, its customer-first operating principle, and an innovation-led approach to banking product and service design.

Other factors listed by the CBN Governor are FirstBank’s strong corporate governance and ethical practices, the bank’s strategy design and execution excellence, and its continuous learning culture and focus on employee engagement.

He maintained that the FirstBank Group’s trajectory and focus over the last 128 years have sent a clear message to all (including domestic and international regulators and other critical industry stakeholders) that society is the cornerstone of its success and longevity.

Emefiele praised the leadership team at FirstBank Group for consistently focusing on making FirstBank the bank of first choice by being innovative and delivering value-adding services to customers, business partners, and other stakeholders.

He urged them to continue to build on the audacious vision of their predecessors in the advancement of the Nigerian banking industry and economy, as well as the African continent at large (with FirstBank’s growing network of subsidiaries already in countries such as the Democratic Republic of the Congo, Senegal, Ghana, Guinea, The Gambia, and Sierra Leone).

The governor made a strident call for FirstBank to continue to play its “leading role in the nation-building process and positively impacting society in the future as the bank has done in the past,” noting that “Indeed, FirstBank has been truly woven into the fabric of society!”

On his part, President Muhammadu Buhari, through his speech presented at the occasion, celebrated the “exploits of the past 40 years [that] have certainly been fruits of the high level of professionalism, strong corporate governance, resilience, and reliability that are synonymous with the FirstBank brand.”

The president remarked that the feat was “worthy of commendation as FBNBank UK keeps making history, not just as the premier but most distinguished fully-owned subsidiary of a Nigerian bank in the United Kingdom.” “The Nigerian government,” he continued, “and by extension the entire citizenry, pride ourselves in these laudable achievements.”

He highlighted the achievements to include upholding the tenets of banking excellence that have been the hallmark of FBNBank UK’s operations in the past 40 years, in particular, upholding “the culture of excellent corporate governance and compliance, professionalism, and partnership that is woven into its communities in the United Kingdom and across the globe.”

Reflecting on the role played by the parent company FirstBank in Nigeria’s development, the president praised the high level of nationalism the bank has demonstrated by keeping the Nigerian dream at the heart of its business through constant evolution and birthing agile financial services solutions that suit the demands of its customers, both at home and abroad.

President Buhari noted that, perhaps more than any other institution in its class, FirstBank has supported government by providing human resources at various times to boost much-needed professional expertise in various sectors of the economy.

FirstBank’s exemplary leadership as an industry pacesetter over two centuries was praised by the president, who credited it for being largely responsible for the growth and development of the Nigerian banking industry.

Known by all for its strong heritage of trust, with customer deposits in excess of N3 trillion and total assets exceeding N5 trillion, FirstBank was also saluted by President Buhari for continuing to shape financial industry policy. This is not surprising given that much earlier in the life of the bank, it had served as the central bank of the entire West African region.

Predating Nigeria as a sovereign state, the banker of banks, institutions, governments, and generations after generations of people also received praise from the president for “making us proud as an exemplary institution and, more importantly, for standing with the government as a dependable partner in nation-building for over a century.”

“The Federal Republic of Nigeria,” President Buhari continued, “appreciates the contributions of the FirstBank Group to our national growth and development beyond the provision of financial services.” “Its robust and far-reaching corporate responsibility and sustainability programs complement government development plans in financial inclusion, education, health, and social welfare, as well as environmental sustainability, to mention a few.”

The resilient institution that evolved from a one-stop silver barter to a one-stop financial supermarket is also renowned, according to the president, for its “exceptional professionalism and strict adherence to processes, regulations, and policies.” He said that even though some people complain about this, “it does explain why the bank has survived for this long and remains the bank to beat in the industry.”

For Sam Aiyere, CEO of the celebrating bank, which is authorized by the Prudential Regulation Authority (PRA) and regulated by both the Financial Conduct Authority (FCA) and the PRA to provide a range of domestic and international banking and financial services, FBNBank UK’s “story is indeed that of experience, diligence, and resilience!”

Read that again. Does that sound any different from how people who know the FirstBank story will describe it? Undoubtedly, FBNBank UK’s story is a reflection of the story of FirstBank. Indeed, the bank is a true son of its parent, FirstBank!