The UK subsidiary of First City Monument Bank, FCMB Bank UK Limited, has received permission from the Bank of England’s Prudential Regulatory Authority to include retail (investments) as one of the services it will be offering.
A major implication of this development is that FCMB Bank UK Limited can now offer the same level of services to private customers and small businesses, just as it currently does corporate entities.
All of the bank’s customers will also be able to transact businesses with other customers in Nigeria and elsewhere in Africa.
FCMB Bank UK Limited’s Chief Executive Officer, Mr James Benoit, stated that the recently granted permission will now help the bank accomplish the task of delivering private and corporate banking services to Africans and African businesses.
“This approval and extension of services is a major achievement which will enable the bank deliver its promise of being the Corporate and Private Bank for African-oriented entrepreneurs, investors and professionals across all their banking needs. The Bank will be expanding its premises and entering into partnerships with Fintech providers to open up service options to our clients and enhance their overall banking experience.” – Benoit
Also commenting on the development, is the bank’s Chief Risk Officer, Mr B.C. Achary, who gave more insights into the fuller entailment of the approval. According to him, the bank will now be “able to receive deposits from both customer segments as well as provide them bank loans to enable them meet their financing needs. The deposit products on offer include current, notice savings and fixed deposit accounts at competitive rates, while its lending products include Buy-to-Let Mortgage Loans, enabling target customers to acquire a piece of London and purchase property to include in their investment portfolios.”
The Chief Executive Officer of FCMB Group, Mr Ladi Balogun, also spoke about the recent approval given to FCMB Bank UK Limited.
In his words:
“Our successful UK platform has proven to be of great importance to the Nigeria stockbroking and international trade finance activities of FCMB Group. Leveraging our deep networks in Africa’s biggest economy, the importance of a London presence to many of our Personal and Business banking customers, and technological innovation, we welcome this opportunity to meaningfully serve more of our customers and grow the value of our UK franchise.”
The FCMB Group’s subsidiary will next month officially launch its personal and business banking business initiative, first in London and then Lagos Nigeria.
FCMB Bank UK Limited is a subsidiary of First City Monument Bank Limited, which itself is a member of FCMB Group Plc. The Group was formed in 2013 as a non-operating holding company for its subsidiaries. Its shares are listed on the Nigerian Stock Exchange (NSE), and they traded at ₦2.30 during today’s NSE session.