First Bank Emerges Best Private Bank

First Bank wins the Global Finance Awards for best sustainable investment in Africa and best private bank in Nigeria.

First Bank of Nigeria Limited is the premier financial institution in West Africa and a leading provider of financial inclusion services. It was recognized at the Global Finance ninth annual World's Best Private Banks Awards for 2024, held at the Harvard Club of New York on March 21, 2024, as the Best Private Bank in Nigeria and the Best Private Bank for Sustainable Investment in Africa.

This was announced in a press release by First Bank of Nigeria Limited's Group Head of Marketing and Corporate Communications, Folake Ani-Mumuney.

The Private Bank Awards, according to Global Finance, recognize banks that best meet the unique requirements of affluent clients looking to increase, protect, and transfer their fortune.

Following a stellar performance in 2022, FirstBank Private Banking redesigned its business model in January 2023 in order to solidify its leadership position as the top private bank in Nigeria with unique product offerings encompassing wealth management, asset management, investment advisory, and lifestyle solutions.

Idowu Thompson, Group Executive, Private Banking and Wealth Management, First Bank, stated after accepting the honors; “We are greatly honoured to be recipients of the awards Best Private Bank in Nigeria and Best Private Bank for Sustainable Investment in Africa, both testaments to our enduring commitment to continuously creating value by strengthening financial awareness and driving inclusiveness in our customers journeys from wealth creation, growth, preservation and its orderly transfer.

“We are delighted with the impact we have made in putting our customers first as this has played a very vital role in enabling their successes and contributing to national development. These awards are dedicated to our esteemed customers. We reaffirm our continued dedication to continuing to improve and delivering excellence in banking.”

Global Finance's founder and editorial director, Joseph Giarraputo, stated: “Private banking is an art as well as a science in which knowledge of economic and financial trends are paired with a deep understanding of client needs. Global Finance's Private Bank Awards highlight institutions that deliver both.”

In response to changes in the private wealth space and opportunities presented by various factors like borderless technology, renewed interest in mineral wealth, migration opportunities, concerns for wealth preservation, among many others, the Bank has consistently reinvented itself, enabling success over the course of its 130-year existence.

FirstBank has been a leader in sustainable finance for its clients, wherever they may be in the world, by means of smart investments, creative thinking, and an unwavering commitment to environmental, social, and governance (ESG) principles.

Founded in 1894, First Bank of Nigeria Limited stands as the top bank in West Africa, a prominent provider of financial inclusion services across the continent, and a dominant force in digital banking.

With FirstBank UK Limited in London and Paris, FirstBank in the Democratic Republic of the Congo, The Gambia, Guinea, and Sierra Leone, FBNBank in Ghana and Senegal, and a FirstBank Representative Office in Beijing, China, FirstBank has international presence on three continents: Africa, Europe, and Asia.

The central banks of each of the subsidiary banks have completely registered them to offer complete banking services.

In addition to offering domestic banking services, the subsidiaries transact business internationally with FirstBank's non-Nigerian subsidiaries, and their representative offices in China and Paris help to ease trade flows into Nigeria and other African nations from Asia and Europe.

With over 13 million cards issued to customers—the first bank in Nigeria to reach this milestone—FirstBank has been at the forefront of promoting digital payments in the nation for 130 years, earning a stellar reputation for strong relationships, sound corporate governance, and a strong liquidity position.

FirstBank has been steadily highlighting its cashless transaction drive by investing heavily in technology, innovation, and transformation. Almost 23 million active FirstBank customers have signed up for digital channels, including the USSD Quick Banking service through the nationally recognized *894# Banking code.The Bank offers a comprehensive range of retail and wholesale financial services through more than 800 business offices and over 233,500 agent locations spread across 772 out of the 774 Local Government Areas in Nigeria. With over 42 million customer accounts (including digital wallets) spread across Nigeria, the UK, and sub-Saharan Africa.

Apart from banking solutions and services, FirstBank offers nominee and related services through First Nominees Nigeria Limited and pension fund custody services in Nigeria through First Pension Custodian Nigeria Limited.FirstBank's dedication to diversity is demonstrated by its partnerships, policies, and programs, which include the FirstBank Women Network, an initiative aimed at closing the gender gap and boosting the participation of women at all organizational levels, and the company's employee to male ratio of approximately 39% to 61%, with 32% of women in management.

Furthermore, the Bank's UN Women membership attests to a purposeful policy in line with the Women Empowerment Principles (WEPs) of UN Women: nondiscrimination, inclusion, and equal opportunity. FirstBank won eight consecutive times as 'Best Retail Bank in Nigeria' by the Asian Banker International Excellence in Retail Financial Services Awards and six times as 'Most Valuable Bank Brand in Nigeria' by the internationally recognized The Banker Magazine of the Financial Times Group.

Notably, the bank made significant progress toward its growth trajectory in 2022 when Fitch, a reputable international rating agency, raised the bank's viability and long-term issuer default ratings from 'B-' to 'B' (with outlooks stable).

This shows that the Bank's internal capital creation is robust and that its capitalization risks are declining accordingly.

The Bank's National Long-Term Ratings were also raised by Fitch from “BBB (nga)” to “A (nga),” reflecting its increased creditworthiness in comparison to other Nigerian issuers.

Moreover, The Banker Magazine's Top 100 African Bank rankings 2022 showed that FirstBank was ranked #1 in Nigeria for Overall Performance, Profitability, Efficiency, and Return on Risk.

Additional commendable achievements in 2022 include FirstBank's recognition on important international indices by Euromoney Market Leaders, an impartial worldwide evaluation of the top financial service providers, in which FirstBank was ranked first:Market Leader: Environmental, Social, and Governance (ESG) (tier-1 recognition), Corporate and Social Responsibility (CSR) (tier-1 recognition), Noteworthy: in SME banking, Highly Regarded in corporate banking and digital solutions.

Remarkably, as of September 2023, FirstBank's global credit rating was A+ with a positive outlook, while Fitch and Standard & Poor's ratings were A (nga) and ngBBB+, respectively, both with stable outlooks.

FirstBank sustained its international credit ratings at the same level with the sovereign, marking the first time since 2015. This accomplishment was made in 2022.

Our goal is “to stay true to our name by providing the best financial services possible,” and our vision is “to be Africa's Bank of first choice.” The foundation of this devotion is our EPIC (Entrepreneurship, Professionalism, Innovation, and Customer-Centricity) fundamental values.

Our brand promise is to constantly deliver the ultimate “gold standard” of value and excellence to position You First in every way. Our strategic aim is to “deliver accelerated growth in profitability through customer-led innovation and disciplined execution.”