By Janet A. Sesay
The FBN bank has on Friday 30 March 2023 at their head offices on Charlotte Street in Freetown unveiled the bank’s new name, which will now be called First Bank Sierra Leone.
This is a bank that has been in operation for 129 years, celebrating another anniversary on Friday 31 March 2023.
First Bank Sierra Leone operates in Nigeria, The Gambia, Senegal, Guinea, Ghana, and Sierra Leone.
During the unveiling process, the Manager Director and Chief Executive Officer, First Bank Sierra Leone, Udemeh Odor, in his statement said the changing of the bank’s name is being implemented to align with the parent brand to leverage the strong heritage and brand equity built by First Bank Nigeria Limited in its 129 years of existence as a leading bank and the foremost financial service provider in the industry to the advantage of their global customers.
He furthered that this change will further ensure brand clarity, safeguard brand uniformity and consistency across all the respective markets where First Bank Group does business.
He said the subsidiaries’ name change will also entrench the perception of the bank being a monolithic brand and enhance the synergy optimisation opportunities across the globe.
The manager informed that Dr Adesola Adeduntan had said the name change which coincides with First Bank Group celebrating its 129th founding anniversary is indeed a milestone reflective of their resolve to continuously provide the gold standard of excellence and value as they put their customers first.
He said the subsidiaries’ new identity contributes to an enhanced brand presence and helps their customers and other stakeholders better appreciate the value of the diversified product suites, competitive pricing and large business network the First Bank Group offers.
The manager furthered that since their establishment in 1894, First Bank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership.
He said at First Bank Sierra Leone, they have expanded their branch network in March 2022 with the opening of a new branch at Ross Road in Cline Town, which is an addition to the two existing branches in Lumley and on Charlotte Street.
He furthered that leveraging of their highly trained team of professionals who possess many years of valuable banking experience, they provide a rich bouquet of products to meet the banking needs of individuals, companies and business communities in the country, adding that they are committed to providing best-in- class personalised competitive and customer focused services.
He said the change of name from FBN Bank Sierra Leone to First Bank Sierra Leone will reinforce their bank’s vantage position as a partner for nation building.
In a presentation done by the manager, he said in 1894 the bank was incorporated and the headquarter was in Marina, the heart of Lagos. In 1894 they again acquired the Africa Banking Corporation and in 1957 the bank’s name was changed from BBWA to Bank of West Africa to truly reflect its regional identity.
He said in 1979 the name was changed again to First Bank of Nigeria Limited and in 1982 the London branch was established to foster international banking relationship for Nigeria and foreign businesses. In 1991 they became a PLC and in 2011 they acquired banquet international credit, he added.
He said in 2012 First Bank reverted to limited with the emergence of FBN Holding and in 2013 they acquired the International Commercial Bank in The Gambia, Ghana, Guinea and Sierra Leone. In 2014 he said they started operating in Senegal, adding that that same year, they commenced operations in Sierra Leone as FBN Bank Sierra Leone.
He furthered in his presentation that the reason for changing the name of the bank is to better align it with the parent brand, to enjoy the strong heritage and brand equity built by First Bank Nigeria in its 129 years of banking leadership.
He furthered that they changed the name to ensure brand clarity and safeguard brand uniformity and consistency across all the respective markets where their bank does business. Consequently it also drives the synergy that will improve the perception of the brand as reinforcement of a single point of view across the globe among others.
He ended that their primary brand colour is blue as it is a rich shade that has been combined with an exciting and vibrant colour to achieve visibility in the retail space for the retail facing components of the group business.