First Bank of Nigeria Plc has expanded its integrated Bureau de Change (BDC) operation outlets to 200 of its branches nationwide. The move is to take advantage of government’s liberalization of the foreign exchange market. The new financial window, which took effect from June 27, 2006, is in sync with the Bank’s position as a complete financial supermarket.

 The BDC would enable customers of the Bank have access to foreign exchange in all the major foreign currencies, to settle credit card bills, make various overseas payments such as school fees, utility bills, medical bills, mortgage payment, and life insurance payment.

 Apart from these, customers can also obtain their personal or business travel allowance (PTA/BTA) from any of the Bank’s BDC locations. The BDC, which started operation in Lagos, is now operational in all the 36 states of the federation including Abuja.

 With the successful completion of its integration process arising from the first phase of industry consolidation, the Bank has linked up almost all the branches in its expansive network, to deliver on-line realtime services which will be invaluable in the operation of the BDC window.  

Easily the most profitable bank in Nigeria, FirstBank’s gross earnings moved up by N10.215 billion or 17.78 percent from N57.225 for the year ended March 31, 2005 to N67.440 billion for the year ended March 31, 2006. 

 In further evidence of the Bank’s strength, Fitch Inc. assigned the Bank, the International Long-term and Short-term ratings of ‘B+’ and ‘B’ respectively and National Long-term and Short-term ratings at ‘A+(nga)’ and ‘F1(nga)’, respectively. This is in addition to the National Long-term and Short-term ratings of AA and A+ assigned the Bank by Global Credit Rating Company Limited, one of the Securities and Exchange Commission’s licensed rating agencies. These ratings confirm the Bank’s strong domestic franchise and systemic importance to the national industry.