- Shareholders of FCMB Group Plc last week approved the bank’s plan to raise the sum of N40 billion in debt and equity as part of strategies to maintain a significant threshold of Capital Adequacy Ratio (CAR) and also transact big businesses.
- The shareholders also approved the payment of a cash dividend of 25 kobo per ordinary share, for the year ended December 31, 2014.
- The approvals were given by the shareholders at the second annual general meeting (AGM) of FCMB Group Plc held in Lagos.
- Speaking on the capital raising exercise, the Managing Director, First City Monument Bank Limited, Mr. Ladi Balogun, said would the company would consummate the transaction with potential investors before the next AGM.
- According to him, the bank had set a CAR threshold of 17 per cent against the industry standard of 15 per cent, the aim of the bank is to maintain a comfortable CAR higher than industry standard.
- The managing director said that over 12 institutional investors comprising local, global and international had shown interest in investing in the bank.
- Source: Thisday
