- Category: ECONOMY
- Published on Wednesday, 27 July 2011 15:32
- Written by Administrator
(Reuters) Nigeria's First Bank will issue a $500 million Eurobond at the end of the year to refinance its maturing paper, the bank's chief finance officer told Reuters on Wednesday. Bayo Adelabu said the lender was finalising arrangements with its bookrunners on the deal, which he expected to be concluded by the last quarter of 2011. Adelabu said the lender which is Nigeria's oldest, will commence an African expansion strategy from next year to
rival pan-African players like UBA and Ecobank and said that the bank will go for acquisitions within Africa.
He said the bank will focus on organic growth in Nigeria and was on track to add 50 new branches in Africa's most populous nation by the end of the year.
He said loan growth at First Bank was expects to top 10-15 percent in 2011 and that the bank had achieved 13 percent already in the first half of the year. He forecasted return on equity of 15-18 percent by year-end.