First City Monument Bank

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First City Monument Bank Ltd (FCMB)
Type Public: NSE: FCMB
Industry Finance
Founded 20 April 1982
Founder(s) Otunba Subomi Micheal Balogun
Headquarters Lagos Island, Lagos, Nigeria
Area served Nigeria, United Kingdom
Key people Jonathan Long
Chairman
Ladi Balogun
Chief Executive Officer
Services Banking
Revenue Decrease US$72 million (NGN:11.9 billion) (2012)
Total assets US$3.7 billion (NGN:614.2 billion) (2012)
Employees Over 2,000 (2013)
Website Homepage

First City Monument Bank (FCMB) Ltd is a full service banking group, headquartered in Lagos, Nigeria, with the vision ‘to be the premier financial services group of African origin’.

Overview[edit]

FCMB is a large financial services provider in Nigeria, offering retail banking, corporate banking and investment banking services to large corporations, small and medium enterprises, as well as individuals. As of December 2011, the bank's total assets were valued at US$$3.65 billion (NGN:593.3 billion), with shareholders' equity of approximately US$772.2 million (NGN:117.4 billion).[1]

History[edit]

The entity from which the bank was founded City Securities Limited, was established in 1977. First City Monument Bank Ltd. was incorporated as a private limited liability company on 20 April 1982 and granted a banking licence on 11 August 1983. It was the first bank to be established in Nigeria without government or foreign support. On 15 July 2004, FCMB changed its status from a private limited liability company to a public limited liability company and was listed on the Nigerian Stock Exchange (NSE) by introduction on 21 December 2004.[2]

In November 2010, both FinBank and First City Monument Bank (FCMB) announced that FCMB has expressed interest in acquiring shareholding and become the strategic investor in FinBank, another Nigerian commercial bank that was undercapitalized.[3] In February 2012, following regulatory approval, FCMB acquired 100% shareholding and began integration of Finbank in its existing operations.[4]

Subsidiaries[edit]

First City Monument Bank has a number of active non-bank subsidiaries, which together with the bank, form the First City Group. Members of the group include the following companies:[5]

  1. FCMB Capital Markets Limited - Investment banking & Advisory services - Lagos, Nigeria
  2. FCMB (United Kingdom) Limited - Investment banking - London, United Kingdom
  3. CSL Stockbrokers Limited - Stock brokerage services - Lagos, Nigeria
  4. Legacy Pension Fund Administrators - Pension Fund Administrators - Abuja, Nigeria
  5. Credit Direct Limited - Microfinance lending - Lagos, Nigeria

Ownership[edit]

The shares of stock of First City Monument Bank are listed on the Nigerian Stock Exchange, where they trade under the symbol: FCMB. The current detailed shareholding in the bank, following the merger with FinBank, is not publicly available.

Branches[edit]

The bank maintains its headquarters in Lagos, Nigeria's financial capital and largest city. As of July 2012, it maintains over 310 networked branches in all 36 states of the Federal Republic of Nigeria, making it the 7th largest Nigerian bank, by branch network. FCMB had 133 branches before it merged with FinBank, which had 180 branches. FCMB also maintains a branch in the United Kingdom and a Representative Office in the Republic of South Africa.[6]

Governance[edit]

The Chairman of the 15-member Board of Directors is Jonathan Long. Ladi Balogun serves as the Group Managing Director and Chief Executive Officer.[7]

See also[edit]

References[edit]

External links[edit]