First Bank plans to expand to at least three African countries in its next growth phase as financial systems across the continent open up new opportunities.
The countries where the First Bank has targeted include Ethiopia, Angola, Cameroon, and Cote d’Ivoire.
Speaking in a recent The Africa Report, the Deputy Managing Director of the bank, Ini Ebong asserted that there are growing opportunities in markets across the African continent looking similar to “what we saw in the early 2000s in some of the larger African markets.” “We believe it is an opportune time to take part in the phase of growth that we see.”
In December, the Ethiopian parliament recently passed a law that allows foreign banks to open subsidiaries in Ethiopia. Foreign firms will only be allowed to own 49 per cent of shares.
Speaking during a panel session at the Africa Financial Industry Summit.
Currently, First bank has operations in London and Paris, France, as well as a representative office in Beijing, China.