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FCMB commences operations in UK

By on March 25, 2014

First City Monument Bank Limited says it has commenced commercial banking operations at its London subsidiary, FCMB (United Kingdom) Limited.

The bank said the development followed approval by the regulatory authorities in late 2013 to begin wholesale deposit taking for businesses and corporate organisations.

The bank said the activities represented an expansion of its existing stock broking and corporate finance activities, which commenced in 2009.

A statement by the FCMB (UK) said it had received approval from the Prudential Regulation Authority, the UK’s financial services regulator, to carry out deposit taking and commercial banking operations.

“This represents the next step in FCMB’s plans to further internationalise its activities in the area of commercial banking,” the bank said.

The statement quoted the Chief Executive Officer of FCMB (UK)’s parent company, FCMB Group Plc, Mr. Ladi Balogun, as saying, “We are pleased to be commencing banking operations in our UK subsidiary. This will enable us to offer a more complete service to our Nigerian customers engaged in international trade and corporate clients’ resident in the United Kingdom.

“We look forward to offering the high service standards that our customers have come to expect from us. From our FCMB (UK) base we will also establish a pan-African financing platform, with special focus on natural resources and related value chains, an area where we have already established a leadership position in Nigeria.”

He also said the bank would continue to enhance its UK presence to provide international investors with access to investment opportunities across the African continent.

Through CSL Stockbrokers, FCMB UK currently provides coverage of the major listed companies in Nigeria together with research on economic development and investment strategy, according to the statement.

First City Monument Bank Limited is a full service commercial bank with a strong retail focus.

It is a member of FCMB Group, a financial services group with interests in commercial & retail banking, investment banking and asset management.

 

 

{Punch]