 In 2005 it acquired FBN (Merchant Bankers) Ltd. Paribas and MBC International Bank Ltd, a group of Nigerian investors, had founded MBC in 1982 as a merchant bank, and it became a commercial bank in 2002.In June 2009, Stephen Olabisi Onasanya was appointed Group Managing Director/Chief Executive Officer, replacing Sanusi Lamido Sanusi, who had been appointed Governor of the Central Bank of Nigeria.Onasanya was formerly Executive Director of Banking Operations & Services.