Nigeria's first major financial institution says it will target letter of credit (L/C) business from its new branch in Paris.

First Bank of Nigeria (FBN), which opened its Paris branch on 15 July, says it will specialise in trade and corporate finance from its new outlet.

In an interview with the African financial journal, Les Afriques, the new managing director of the Paris branch explained the strategy behind the group's opening of this new branch.

Francophone strategy

Frédéric Le Bourgeo begins by explaining that FBN's exsiting outlet in London works primarily in financial trade, corporate finance and private banking for affluent Africans.

Meanwhile, France, he says, is the second major investor in Nigeria but to date the language barrier has been problematic.

The Paris branch will act as a platform to French-speaking Africa by proposing a range of correspondent and corporate banking services the new manager in Paris says, adding that FBN will not be involved in retail or private banking.

L/C aims

"The goal is to claim a portion of documentary credit transactions from Western Africa that do not go through London," says Le Bourgeois.

FBN, which traces its history back to 1894 and the Bank of British West Africa, established a London office 25 years ago and converted that office into a bank subsidiary in 2002.

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