FCMB set to conclude FinBank Merger in October
The management of First City Monument Bank (FCMB) has disclosed that it is set to finalize its merger with Finbank no later than the end of October.
Deputy Managing Director of FCMB, Segun Odusanya, revealed to journalists over the weekend that the integration process had reached a level of 95% completion.
He said, “Our initial target was second quarter of the year, but we got delayed by issues around the Capital Market probe and the removal of the Securities and Exchange Commission Board. Things are now back to normal, and most of the approvals have been obtained”.
The DMD also gave its stakeholders a glimpse of what to expect post-merger completion as far as the retail and corporate banking activities of the bank is concerned.
“We want to drive solutions across the various segments – corporate, commercial, small enterprises and consumer segments – of the economy. We have been doing this organically in the last five years, and have seen steady growths in all these segments”, he said.
He added, “We are now better situated to provide our expertise to more commercial and small enterprises to grow their businesses with not just the banking products we offer, but also with our expertise in corporate and financial advisory. We want to help create more entrepreneurs in this country and the opportunity to do this is enormous.
“We are aggressively driving retail, but in doing this, we are not de-emphasizing corporate. We have made a lot of investments in people, products, systems and branches (from the acquisition) in both segments.
“We understand that both segments complement each other, and for us to continue to create endearing value a universal bank, we needed to provide services based on deep rooted insights across all the segments. We are currently having discussions with the central bank to further extend these services to the mass market”.