FirstBank of Nigeria Plc has obtained a 3-year Medium Term Loan Facility worth USD350 million from Standard Chartered Bank UK.Â The purpose of the facility is for general financing requirements.
In terms of local currency, the facility amounted to N52.5 billion, thus improving the Bankâ€™s balance sheet and providing increased capacity for lending to the critical sectors of the economy, such as power, telecommunication, agriculture, manufacturing, among others.
â€œThere is a no doubt that the transaction reinforces the confidence and trust one of the worldâ€™s leading international financial institutions has on the stability and the resilience of FirstBank,â€ says Group Managing Director/Chief Executive Officer of FirstBank, Mr. Bisi Onasanya.
â€œAt FirstBank, our tradition of firm governance, financial strength, conservative management and depth of expertise equips us to help rebuild trust in our industry and create a more stable financial sector. We will take all necessary steps to ensure the effective administration of the loan for the benefit of all end users,â€ he said.
The transaction is the single biggest exposure by a foreign bank to a Nigerian Bank in recent times.Â In addition, it serves as a significant milestone in the relationship between two foremost institutions in Europe and Sub-Sahara Africa.
FirstBank has, over its multi-generational history, been at the forefront of providing finance for developmental projects. The Bank has continued to adapt and innovate to meet the different challenges and opportunities presented by different generations of customers, competitors and other stakeholders.
With over 4.2million customers, ten (10) financial subsidiaries, 576 locations in Nigeria, and presence in the UK, France, South Africa and China, the bank is arguably the countryâ€™s most diversified full-suite financial services group.