Posted by By OMODELE ADIGUN on
In line with its regional expansion plan, Bank PHB Plc has acquired The Gambia-based International Bank for Commerce(IBC).
In line with its regional expansion plan, Bank PHB Plc has acquired The Gambia-based International Bank for Commerce(IBC).
The deal saw the Nigerian bank paying $23 million for 74 per cent stake in IBC, also known as Banque Mauritanie Pour Le Commerce Internationale (BMCI), a part of Abass Group of Companies with its headquarters in Mauritania.
The International Bank for Commerce was incorporated as a limited liability company in The Gambia after acquiring the BICIS Bank in August 1997 with the aim of providing high quality banking services to the general public and corporate bodies, facilitating international trade and financial transactions for its customers, contributing to the socio-economic development of The Gambia, as well as to the economic revival of The Gambia among others.
Bank PHB already has strategic regional and continental expansion programme which remains a key part of its strategy aimed at providing widely acceptable products and services to international clients, engaging effectively in offshore banking and facilitating international trade flows with Nigeria.
Bank PHB is also in serious talk to acquire another bank, First International Bank (FIB), based in seven West African countries, for $120 million. But the owners of the bank rejected the bid price. Our sources, however, hinted that discussion is still ongoing.
It will be recalled that Skye Bank of Nigeria was on the verge of acquiring a 100 per cent stake in IBC for $20 million. As it is now, Bank PHB has become the fourth Nigerian Bank after First International Bank (FIB), Guaranty Trust and Access Bank to set up shop in the Gambia.
The rapid expansion scheme of the bank may see it spread to other West African countries very soon.
It would be recalled that regional expansion is one of the key areas in which Bank PHB plans to expend the proceeds of its just-concluded Initial Public Offering. It had planned to raise N85 billion through public subscription.