* Pays 1.45x book value for ICB's west African assets

* Nigerian banks ramp up pan-African expansion drive

* GT Bank launched east African push this year

(Adds comment from First Bank, quote)

LAGOS, Nov 11 (Reuters) - Nigeria's First Bank FBNH.LG said on Monday it had completed the acquisition of the West African operations of Switzerland's International Commercial Bank Financial Group Holdings, in a deal to help expand its international presence.

First Bank, Nigeria's biggest lender by total assets, said in a statement the deal would grow its balance sheet by 1.32 percent, adding that ICB's West African operations has 28 branches, of which 17 are in Ghana, five in Guinea, four in Gambia and two in Sierra Leone.

Christiana Fashogbon, head of international banking, told Reuters First Bank had financed the acquisition from its own resources and had paid a multiple of 1.45 times 2013 book value to acquire the assets.

The acquisition increases First Bank's presence to 10 countries, including the United Kingdom and France, from six.

"We believe in our regional growth plans as we expand across sub-Saharan Africa. The acquisition enables us diversify our revenue profile, profitability and country-specific risk," Fashogbon said.

Nigerian lenders are expanding across the continent, after recovering from a 2009 financial crisis which nearly sank nine of them and triggered a central bank bail out.

Rival Guaranty Trust Bank (GT Bank) GUARANT.LG in July agreed to buy 70 percent stake in Kenya's Final Bank Ltd for $100 million. ID:nL6N0FO3E7

(Reporting by Chijioke Ohuocha; Editing by David Evans and David Holmes)

((chijioke.ohuocha@thomsonreuters.com)(+234 703 4180 621)(Reuters Messaging: chijioke.ohuocha.thomsonreuters@reuters.net))

Keywords: NIGERIA FIRSTBANK/