Nigeria’s oldest banking institution is taking a new identity in the form of name change after shareholders gave their nod to the proposal to replace the name it has been known by in 12 years with “First Holdco.”
The financial services group, whose centenarian flagship subsidiary First Bank pioneered commercial banking in Nigeria when it came to life in 1894 in Lagos, switched to the name “FBN Holdings” in 2012 from “First Bank of Nigeria PLC.”
That happened in the final phase of a corporate transformation that converted the lender’s former operational model from core traditional banking into holding company.
