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FCMB to Apply for International Banking Licence

By on April 12, 2011

The management of First City Monument Bank Plc (FCMB) Monday disclosed plans to form a holding company and apply for an international banking licence in line with the new regulation issued by the Central Bank of Nigeria (CBN), Reuters has said.


The CBN had revoked the Universal Banking model and enforced new minimum capital requirements for banks in a bid to avoid a repeat of the industry crisis that almost resulted in the collapse of several banks.


The new banking model requires banks to either sell all non-core businesses or form a Holding Company (Holdco) if they intend to carry out asset management and capital market activities.


The international banking category requires a minimum capital level of N50 billion. There are two models: those that have opted for a holding company and those that will divest.


The Bank said it will apply for international banking licence to comply with the new regulations.


Earlier, First Bank of Nigeria Plc, United Bank for Africa Plc and Stanbic IBTC Plc had disclosed plans to adopt the international banking status.