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First Bank’s vision statement is to remain the clear leader and Nigerian’s bank of first choice. The banks has built its strategy around its brand image so much so that no competitor has been able to surpass its leading position in the Nigerian banking sector.
The bank is trying to overcome the old generation image attached to it, its number one perception is rather based on strong economic franchise and superior financial performance. When it comes to superior banking services some competitors have got better ideas.
The bank’s insistence on generic growth within Nigeria might be short-changing it from the enormous opportunities provided by the economic integration of Africa. Other competitors have spread their tentacles around sub-saharan Africa and they are seriously leveraging on the out of country opportunity.