• Genesis acquires 10% stake in FBNBank Sénégal

• First WAEMU investor joins Nigerian-owned subsidiary

• Deal supports regional expansion, SME financing plans

FBNBank Sénégal, a subsidiary of Nigeria’s First Bank of Nigeria Group, said on Saturday that Genesis Holding Company has acquired a 10% equity stake in the bank. Financial terms were not disclosed.

Genesis Holding Company was founded and is led by Ivorian entrepreneur Charles Kie. The transaction makes Genesis the first investor from the West African Economic and Monetary Union (WAEMU) to join FBNBank Sénégal’s shareholder base. First Bank of Nigeria, established in 1894, is one of the country’s oldest financial institutions. The group operates in several African countries, including Senegal, Côte d’Ivoire, Guinea, Ghana and the Democratic Republic of Congo.

Genesis’s entry marks a change in FBNBank Sénégal’s ownership structure. Until now, the bank had been fully controlled by its parent company. The addition of a WAEMU-based investor brings a regional shareholder into the bank’s capital structure.

FBNBank Sénégal Chief Executive Omar Dioum welcomed the deal, citing Genesis’s position in the financial sector. The new shareholder could help the bank expand its business networks within the Union.

Genesis expands its financial footprint

For Genesis Holding Company, the investment strengthens a financial business already focused on investment banking and asset management. The group also operates in luxury and creative industries, as well as in technology and security.

By acquiring a stake in a commercial bank, Genesis gains exposure to core banking activities, including deposit-taking and lending. The move diversifies its revenue streams, adding interest-based income to advisory and asset management fees.

For FBNBank Sénégal, the arrival of a regional investor could support efforts to expand financing for small and medium-sized enterprises, a priority segment within WAEMU. A broader shareholder base may also help the bank develop partnerships with local companies and institutional investors.

Chamberline Moko