First Bank History

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Trade Nigeria exports primarily petroleum and other raw materials (cocoa, palm kernels, rubber and organic oils), during the colonial period Britain was Nigeria’s leading trading partner but after Independence, Nigeria trades with other countries but Britain still remains Nigeria leading vendor. Trading relations continued to wax stronger since the work force has been introduced, the globalization to economic growth in developing and developed countries is experienced using education to reduce barriers to International trade. Nigeria is Africa’s second largest economy and has the highest production of oil and gas in Africa. A large number of well-known companies operate in Nigeria, including Shell, Diageo, Virgin Atlantic, British…show more content…
It is the country 's largest bank by assets. The Bank traces its history back to 1894 and the Bank of British West Africa. The bank originally served the British shipping and trading agencies in Nigeria... According to its founder, without a bank, economies were reduced to using barter and a wide variety of mediums of exchange, leading to unsound practices. In 1957, Bank of British West Africa changed its name to Bank of West Africa (BWA). After Nigeria 's independence in 1960, the bank began to extend more credit to indigenous Nigerians and at the same time, citizens began to trust British banks since there was an 'independent ' financial control mechanism and more citizens began to patronize the new Bank of West Africa. In 1965, Standard Bank acquired Bank of West Africa and changed its name to Standard Bank of West Africa. In 1969, Standard Bank of West Africa incorporated its Nigerian operations under the name Standard Bank of Nigeria. Nigeria 's military government sought to increase local control of the retail-banking sector. Once it had lost majority control, Standard Chartered wished to signal that it was no longer responsible for the bank and the bank changed its name to First Bank of Nigeria in 1979. In 1982 First Bank opened a branch in London that in 2002 it converted to a subsidiary, FBN Bank (UK). In 2005 it acquired MBC International Bank Ltd. and FBN (Merchant Bankers) Ltd. First Bank growth strategy is anchored on the opportunity in the industry and the global economies, the strategy is driven by the two critical imperatives of modernization and growth. It has pioneered initiatives at the international. In its early years, First Bank worked closely with the colonial governments of British West Africa by performing the traditional functions of a central bank. In 2002, First Bank established a bank subsidiary in the United Kingdom; it was the first bank to

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