First City Monument Bank

First City Monument Bank.

First City Monument Bank (FCMB), a member of FCMB Group Plc, is a holding company headquartered in Lagos City, Federal Republic of Nigeria.

The evolution of the group now known as FCMB Group Plc began with a stock-broking firm called City Securities Ltd, which was established in 1977. In 1982, a second company, called First City Merchant Bank was licensed, becoming the first local bank in Nigeria to be established without government support. In 2001, there was a name change from First City Merchant Bank to First City Monument Bank (FCMB), following FCMB’s transformation into a universal bank. In 2004, a private placement of shares raised over N7bn, followed by a conversion into a public liability company and the company’s listing on the Nigerian Stock Exchange (NSE) in the same year.

Through an initial public offering in 2005, FCMB raised over N16bn towards the then N25bn share capital target stipulated by the Central Bank of Nigeria (CBN), becoming one of only 25 banks that were able to achieve this target. Also, in 2005, FCMB acquired Co-operative Development Bank, Midas Bank and Nigerian American Bank (former Nigerian subsidiary of Bank of Boston). From 26 branches in 2005 (pre-consolidation), the bank grew to 150 branches by 2007.

The year 2007 also saw another public offering which increased shareholder funds from N31bn to N133bn. FCMB completed the acquisition of FinBank Plc in February 2012 and subsequently merged with FinBank in October 2012. In June 2013, FCMB Group Plc - a non-operating financial holding company, regulated by the Central Bank of Nigeria (“CBN”) - was formed in response to the CBN’s regulation on the scope of banking activities and ancillary matters (“Regulation 3”). The group restructuring which followed, resulted in FCMB Group Plc becoming the holding company for FCMB Plc and its subsidiaries. Shareholders of the erstwhile FCMB Plc were also migrated to FCMB Group Plc in the same ratio as their holdings in FCMB Plc. FCMB Plc was, thereafter, delisted and taken private, effectively becoming a wholly owned limited liability subsidiary of FCMB Group Plc.

Today, FCMB Group Plc is a bank-led financial services group, headquartered in Lagos, Nigeria, with operating companies divided along three business groups – Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited) and Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited). Listed on the Nigerian Stock Exchange (NSE) with the ticker symbol (FCMB), FCMB Group Plc has 19,802,710,781 ordinary shares held by over 517,000 shareholders.

First City Monument Bank Limited, the flagship company, has approximately 7.1 million customers and 206 branches in Nigeria and a banking subsidiary in the United Kingdom through FCMB Bank (UK) Limited (which is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA in the United Kingdom).

FCMB Group Plc’s strategy is to position itself as the premier financial services group of African origin. At the centre of its businesses lies a talented work-force that drives a comprehensive bouquet of financial services including micro-lending, asset management, stock-broking, trusteeship and custodial services, foreign exchange, personal banking, corporate and commercial banking, investment banking (including financial advisory, debt & equity capital markets, project & structured finance transactions) and transaction banking products delivering cash management, trade and liquidity management solutions to corporate, commercial, public sector, financial institutions and small & medium-scale enterprises.

Subsidiaries of FCMB Group Plc

FCMB Group Plc’s subsidiaries are leaders in their respective markets and they provide significant cross-sell synergies and economies of scope for the Group:

First City Monument Bank Limited

The Bank, which is the flagship company of the Group, is a full service commercial bank with a strong retail focus. It employs over 3,000 employees with a customer base of over 5 million customers and 205 branches and cash centres distributed across every state of the Federal Republic of Nigeria. The Bank is a top 10 lender in Nigeria and parent company of two subsidiaries: FCMB UK Limited and Credit Direct Limited (a leading consumer finance company providing financial support to 100,000 new customers every year).

FCMB Capital Markets Limited

FCMB Capital Markets Limited is licensed, by the Nigerian Securities and Exchange Commission, as an issuing house and financial advisor. FCMB Capital Markets Limited provides advice and arranges finance for public institutions and top-tier companies across various sectors. The specific services provided include corporate finance and strategic advice; project and structured finance; mergers and acquisitions including divestments, spin-offs and leveraged buy-outs; and corporate restructuring including delisting. FCMB Capital Markets Limited remains a market leader in its field.

CSL Stockbrokers Limited

CSL Stockbrokers Limited is a leading stockbroking and investment management firm in Nigeria. Its equity and macroeconomic research is recognised internationally and the firm executes a significant share of international portfolio trades on the Nigerian Stock Exchange. The firm is positioning itself to be the leading conduit of portfolio investment into Sub-Saharan Africa.

FCMB Trustees Limited

FCMB Trustees Limited (FCMBT), previously called CSL Trustees Ltd, a SEC-licensed company, partners with clients to ensure fund assets are kept securely and serviced properly, in the interest of beneficiaries. FCMBT's expanded trustee services include debenture trustee, security trustee, facility agent, escrow agent, management of private trusts, employee stock ownership plans and employee welfare trustee. The company’s technical specialisation, individualised client focus, national coverage (enabled by FCMB Ltd’s distribution network), responsiveness and monitoring programmes have enabled it to become one of the fastest growing trustees in the country. FCMBT is increasingly the choice of trustee for lenders, borrowers and investors.

FCMB Pensions Limited

FCMB Pensions Limited – owned 91.6% by FCMB Group Plc - is a private limited liability company incorporated on 7th April 2005, duly licensed by the National Pensions Commission (PENCOM) to carry on business as a Pension Fund Administrator (PFA), as defined under the Pension Reform Act 2014.

Credit Direct Limited

Credit Direct Limited is a leading unsecured micro-lending company that focuses on payroll lending.

FCMB Microfinance Bank Limited

FCMB Microfinance Bank Limited is an arm of FCMB Group Plc that provides financial services to the unbanked low income segment, especially women in the rural parts of the country.