FCMB

Licensed in 1982, FCMB was the first bank to be established in Nigeria without government or foreign support. The bank enjoyed unparalleled success as a merchant bank and was one of the top two merchant banks in Nigeria up till its conversion to universal banking in 2001. One of its earliest landmark achievements was the completion of the first public loan syndication for the then National Fertilizer Company of Nigeria (NAFCON) in 1986, the largest at the time.

In 2000, the bank changed its name to First City Monument Bank in anticipation of an expansion of its services to universal banking. After 18 years of unbroken success as a merchant bank, FCMB widened its doors to retail customers in January 2001 and adopted universal banking. In December 2004, FCMB PLC shares were listed on the Nigerian Stock Exchange (NSE) officially joining the elite group of publicly quoted companies in Nigeria. Between 2004 and 2005, the bank successfully raised additional capital in excess of N20 billion through private and public offerings to exponentially grow its business and expand its physical and virtual presence.

FCMB has constantly been recognized as one of the most professionally managed and resilient financial services groups in the country. The bank is also known for a culture that has matured into a heritage of excellence. It has produced no less than 18 chief or deputy chief executives of leading banks in Nigeria, a testament of its entrepreneurial culture and rich heritage. As a bank and through its subsidiary FCMB Capital Markets Limited, FCMB is widely recognized as Nigeria’s most consistent and enduring investment banking outfit. Its consistent service to leading corporate and public institutions over the last three decades shows a dedication to investment banking and solutions oriented banking. The corporate finance and issuing house arm of the group has built unparalleled success. The group, which metamorphosed into FCMB Capital Markets has gained a strong position in public and private placements of debt and equity, mergers & acquisitions and structured finance by virtue of its experience in capital raising and financial advisory deals in the last two decades. FCMB Capital Markets has remained the pre-eminent investment banking firm in Nigeria with a proven history of serving the financial needs of government, institutional, corporate and private clients.

The bank is the brainchild of Otunba Michael Olasubomi Balogun who had the belief, nurtured in the 1970’s and actualized in 1982, that a young Nigerian could have the capacity to build and manage a world class financial institution. It is a testament to his belief, determination and management that more than two decades later, what started as a vision, has matured into a broad based institution, retaining its traditions while reinventing itself to meet the ever present challenges and opportunities as an African player in a global economy.

Recognition and awards

Over the years, we have received several awards for outstanding financial performance, superior management and dedication to excellence. Some of these awards include:

* The prestigious Thisday Award for the "Stock Offer of The Year" in 2005, an acknowledgment of the success of our capital raising activities in a highly competitive period in the industry.

* In 2000 and 2001, FCMB Capital Markets won the Reuters/SBA Research Mergers & Acquisition Award as the leader in Mergers & Acquisition in Nigeria.

* Between 1993 and 1998, won the coveted trophy for the most consistent issuing house in Nigeria.

* An impressive A+/A1 rating from Global Credit Ratings, Africa’s premier rating agency.

Operational performance

FCMB currently operates over 100 branches with a strategic nationwide spread. They run robust and scalable banking technology applications to offer seamless service delivery via various electronic channels. Their recent focus on retail banking has created a new growth trajectory making them one of the fastest growing banks in Nigeria in terms of assets, deposits, profitability and customer acquisition.

References

* [http://www.firstcitygroup.com FCMB Group website]