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Possible Chinese investment in Nigerian bank?

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A Chinese bank might soon make an equity investment in Nigeria‘s First Bank.

According to a Reuters report published in the Daily Trust newspaper, First Bank chief executive, Bisi Onasanya, said: “I can confirm that we have been in discussion with a major Chinese bank for an equity relationship.”

Onasanya was speaking at a media briefing at the opening of the bank’s representative office in Beijing.

In 2007 the Industrial and Commercial Bank of China (ICBC) bought a 20% stake in South Africa-based emerging markets lender, Standard Bank.

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