FirstBank moves to deepen intercontinental partnerships with China
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
First Bank of Nigeria Limited has announced strategic steps it is taking to deepen the intercontinental partnerships with its Chinese business forum.
The bank it is positioning to offer benefits to its customers from the recent swap deal conducted between China and Nigeria, especially through its Beijing representative office opened 8 years ago.
The Central Bank of Nigeria reached a currency swap agreement with the Peoples Bank of China in order to ease the burden of the liquidity issues faced by Nigerian business owners and Chinese manufacturers. Notably, FirstBank is among the four banks appointed as settlement banks in the deal.
According to the bank, with the establishment of its representative office in China, FirstBank became the first Nigerian bank to record its presence in the Asian country and has since been a financial gateway in promoting business between China and Nigeria.
Due to this, the bank stated that it has earned an invitation as a member of the Forum on China-Africa Cooperation (FOCAC) to promote the strategic advancement of the China Belt and Road Initiative, the United Nations 2030 agenda and the African Union 2063 development strategies for African economies.
“The business relationship between China and Nigeria is of great importance to us hence the establishment of our representative office in Beijing, China in 2010, to cater to the growing needs of Sino-Nigeria businesses, and to provide support in channelling trade flows between the two countries.
“Our promise is that we will always deliver the ultimate gold standard of value and financial excellence as we put customers at the heart of our business,” Adesola Adeduntan, the MD/CEO of FirstBank said.
The FirstBank – Chinese business forum held in an effort to drive better customer services culture as part of its service excellence initiative was thus organised as part of the overarching strategy by the Bank to drive business conversations and the promotion of business and economic partnerships between Nigeria and China.
Diana Chen, the group chairman, CIG Motors was among the panelists at the event themed; “Deepening Sino-Nigerian cooperation.”
During the plenary session Chen discussed the recently signed currency swap deal between the Chinese and the Nigeria governments, Lekki Free Trade Zone and other collaboration between Nigeria and China.