First Bank of Nigeria has announced its rebranding to strengthen its corporate image and unify its various subsidiaries.
Background and Reason for Rebranding
At the 12th Annual General Meeting in November 2024, a proposal was made to change the company name to First HoldCo Plc to create a unified corporate image and strengthen brand legacy.
Details of the Restructuring
The restructuring involves retaining the old name for flagship business and adopting new names for subsidiaries. Group MD Wale Oyedeji emphasized that the transition will strengthen leadership positions in Africa and ensure global presence.
2024 Financial Performance
The 2024 financial report showed a 142% increase in pre-tax profit to N862.391 billion. Despite rising interest expenses, the bank continues to attract deposits and offer credit services. Interest expenses on deposits rose by 135%, and increased loan impairments indicate potential rising credit risk.
The rebranding to First HoldCo Plc opens new horizons for the company, unifying its subsidiaries and strengthening its presence in the African and global financial markets.
