First Bank of Nigeria Plc has announced plans to strengthen its operations in China by expanding beyond its current presence in Beijing to other major commercial hubs such as Guangdong and Shanghai.

This strategic move is designed to show the bank’s commitment to fostering deeper ties with the Chinese market and businesses.

The Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, made this known during the 2024 China-Africa Inter-Bank Association (CAIBA) Forum in Abuja. The forum, sponsored by FirstBank, highlighted the bank’s role in advancing trade and investment between Africa and China.

According to Alebiosu, the planned expansion demonstrates the strategic importance FirstBank places on China as a critical partner in its global operations.

“FirstBank is fully committed to the achievement of this overarching CAIBA objective within the shortest possible timeframe,” he said.

He further stated the bank’s innovative approach to understanding and catering to Chinese businesses operating in Africa and beyond.

“As an institution, through our dedicated Chinese Desks (manned with both Chinese nationals and Mandarin-speaking personnel), we have taken concrete steps to improve our understanding of the Chinese culture, business philosophy, and the needs of the numerous Chinese firms operating across all our operating countries,” Alebiosu stated.

FirstBank’s international presence spans three continents, with subsidiaries in Africa, Europe, and Asia. Its global footprint includes FirstBank UK Limited, operating in London and Paris; FirstBank subsidiaries in The Democratic Republic of Congo, Ghana, The Gambia, Guinea, Sierra Leone, and Senegal; and a representative office in Beijing, China.

The bank’s international subsidiaries facilitate international cross-border transactions, with the representative offices in Paris and Beijing playing crucial roles in trade flows between Asia, Europe, Nigeria, and other African countries.

FirstBank’s commitment to expanding its operations in China reflects its broader strategy of driving trade and economic cooperation between Africa and the rest of the world and also solidifying its position as a key player in global financial markets.