The bank, which first changed its name from International Commercial Bank Ghana to FBNBank, is a member of the 130-year-old FirstBank of Nigeria Limited, and has been operating in the country for the past 28 years.

Board members, management, staff and other stakeholders converged on the Labadi Beach Hotel in Accra last Thursday to unveil the new name. The occasion featured performances by Ghanaian music artistes Samini and Sarkodie.

It was a moment of reflection on the footprints made by the bank since its establishment in Ghana as it ushered in a fresh corporate name while maintaining the African elephant as its logo. 

Launch

The acting Chief Executive Officer (CEO) of the parent company, FirstBank Group, Olusegun Alebiosu, explained that the change was a reaffirmation of the FirstBank Group’s commitment to Africa, and particularly Ghana, which had immense potential and opportunity.

He added that the strategic step aligned with the FirstBank Group’s vision to be the leading international banking group in sub-Saharan Africa through a monolithic brand strategy.

“With the name change which would ensure that, for the first time, all our subsidiaries across sub-Saharan Africa and in Europe, together with the parent entity, use the name

‘FirstBank’, we aim to leverage our strong heritage and brand equity to position them in a stronger way. “This will result in better brand clarity, uniformity and consistency for the benefit of our stakeholders, particularly our customers across our global footprints.

Most importantly, it would contribute to our subsidiaries making greater contributions and impact in their markets,” he said.

Assurance

Mr Alebiosu reassured stakeholders of the bank’s commitment to the economic growth and development of Ghana, and to empower customers by providing enhanced products, services and initiatives that support their diverse needs.

He said the bank’s focus on digital innovation, customer satisfaction and operational excellence would be stronger than ever.  “As we strive to solidify our brand’s connection to our stakeholders here, we commit to ongoing collaboration with our regulator to actively contribute to the enhancement of the country’s financial services sector. We reaffirm our commitment to full compliance with the laws governing the banking business in Ghana,” he said. 

Customer

The CEO of FirstBank Ghana, Victor Yaw Asante, said with the rebranding, the bank would channel its strength to achieving the status of a first-choice bank by becoming more customer-centric.

“This is way beyond the symbolism of a name change. It is a full embrace of what our group has come to be known for,” he said. 

Economy

The Minister of Finance, Dr Mohammed Amin Adam, commended the bank for its pivotal role in the Ghanaian economy. He explained that the government’s fiscal consolidation efforts were on track with the aim of reducing fiscal deficit due to the ongoing fiscal consolidation reforms and the external debt restructuring, while reducing inflation to 15 per cent by the end of this year.

To achieve that, he said, it was crucial for banks such as the FirstBank Ghana to support the government to spur growth, particularly in the area of support for small and medium-scale enterprises since they were the backbone of the economy.

“FirstBank Ghana’s strong financial performance and consistent adherence to sound banking principles have positioned it as a leading player in the industry, which puts them in a strong position to deliver on this expectation,” he said.

BOG

The Governor of the Bank of Ghana, Dr Ernest Addison, congratulated the bank on its work in the area of financial technology, and supporting various types of businesses. He, therefore, encouraged the bank to strengthen its innovation system to produce tailor-made products that covered the needs of the population.

He added that the central bank would continue to be vigilant to ensure that banks complied with regulations in the sector to build trust and confidence in the financial institutions.