The Nation Newspaper

Category: Equities

  • Oguntayo backs entrepreneurship development

    Group Managing Di-rector/Chief Executive Officer, Skye Bank Plc, Mr. Timothy Oguntayo, has restated the lender’s commitment to building a virile and mutually beneficial partnership with its customers.

    This, he said, would be sustained despite the industry’s challenging operating environment.

    Oguntayo made this known at the weekend in Lagos, at the lender’s business roundtable which focused on distributive trade that brought together leading players in that sector.

    He said the forum was organised as a platform – to enable the bank know and understand the aspirations of the businessmen and receive feedback from them, said the meeting would also help the bank fashion solutions to the challenges faced by the businessmen.

    He told the businessmen and enterprise owners that the bank would remain committed to its core values of service excellence, integrity, continuous learning, partnership and trust, noting that the bank remained committed to its vision of being a leading and first class commercial bank in the country.

    The Skye Bank chief listed some of the initiatives implemented by the bank in recent times to serve customers better which included the launch of a customer service charter; its information technology transformation upgrade and the recent acquisition of Mainstreet Bank Limited, among others.

    Director-General,Lagos Chamber of Commerce, Mr. Muda Lawal, lauded the bank for developing and improving the capacity of its customers through seminars and workshops, and urged it to continue to do more.

     

  • FirstBank is ‘Best retail bank’

    FirstBank is ‘Best retail bank’

    First Bank of Nigeria Limited has been named The Best Retail Bank in Nigeria for the fourth consecutive time.

    It received the award  at the just concluded Asian Banker International Excellence in Retail Financial Services Awards in Singapore.

    Organised yearly by the Asian Banker magazine, the award is renowned for its rigorous and transparent process in selecting outstanding financial institutions in retail banking.

    According to the Asian Banker, FirstBank has continued to dominate the retail space with over 40 per cent of the market share in retail customer deposits.

    With increased customer and deposit base last year, FirstBank remains the largest retail lender in the country with more than 20 per cent market share in gross loans. The bank also saw a 17 per cent cost-to-income ratio, earning a profit of $752,770 in 2014 with total assets amounting to $7.8 billion.

    FirstBank’s spokesperson and Group Head, Marketing and Corporate Communications, Mrs. Folake Ani-Mumuney, said the award was an indication of the effectiveness of the bank’s various transformation programmes which are aimed at raising the bar in developing and delivering unique retail financial products to all levels of customers.

    She said the lender has a robust retail banking strategy that enables it to review its retail products and processes to ensure that the needs and lifestyles of customers are met.

    “We are delighted that this award and indeed our recent ranking as the Most Valuable Bank Brand in Nigeria is an indication of the recognition of our modest achievements in recent time”, she said.

  • Elumelu Foundation picks 1,000 entrepreneurs

    The Tony Elumelu Foundation (TEF) has announced the selection of the first 1,000 African entrepreneurs for the Tony Elumelu Entrepreneurship Programme (TEEP).

    The winners will benefit from the TEEP’s $100 million initiative.

    The fund is meant to discover and support 10,000 African entrepreneurs over the next decade, with a target of creating one million new jobs and $10 billion in additional revenues.

    TEEP Founder, Mr. Tony O. Elumelu, said: “The selection of these 1, 000 entrepreneurs brings us closer to our ultimate goal – to drive Africa’s economic and social transformation from within and to radically intensify job creation in Africa.

    “Though I have never met or spoken to any of the winners, I am confident that due to the rigorous criteria and selection process, these entrepreneurs are Africa’s hope for the future.  I will continue to invest my experience, time, influence, and resources to see them succeed. I am embarking on this journey with these entrepreneurs hopeful and inspired.”

    The winners represent 52 African countries and territories, as well as a multitude of value adding sectors ranging from agriculture to education to fashion and ICT.

    The top five countries in terms of numbers of winners are Nigeria, Kenya, Uganda, South Africa and Ghana.  All five African regions – North, East, Southern, Central and West Africa are represented, as well as all major language blocs – Anglophone, Francophone, Lusophone, and Arabic Africa.  More than anything else, they epitomise the opportunity and promise of Africa.

    TEEP Director of Entrepreneurship, ParminderVir OBE, said: “The high quantity and quality of applicants we have received is testament to the brilliant ideas and incredible talent that exists in abundance across Africa.

    The Tony Elumelu Entrepreneurship Programme will give structure and support to these African entrepreneurs to develop themselves and to grow their businesses. Through TEEP, the ripple effects of the long-term investments in a new generation of Africapitalists will be felt throughout the continent.”

     

     

  • Sterling Bank eyes $200m, grosses N104b in 2014

    Sterling Bank Plc sustained its resilient performance last year as top-line and bottom-line earnings showed considerable growths with gross earnings rising by some 13 per cent to N103.7 billion. In the same breadth, profit before tax rose by 15.4 per cent to N10.7 billion.

    Key extracts of the audited report and accounts of the Bank for the year ended December 31, 2014 released yesterday at the Nigerian Stock Exchange (NSE) showed appreciable growths in all key performance indices, sustaining the strong performance outlook of the lender in spite of industry-wide headwinds.

    Major highlights showed that net interest income leapt by 20.1 per cent to N43.0 billion in 2014 as against N35.8 billion recorded in 2013. This was driven mainly by 11.4 per cent growth in interest income to N77.9 billion, which far outweighed the 2.2 per cent increase in funding costs to N34.9 billion. This underlined the increasing cost efficiency of the lender as cost of funds had dropped from 6.1 per cent in 2013 to 5.3 percent in 2014. Similarly, non-interest income grew by 18.3 per cent from N21.8 billion in 2013 to N25.7 billion in 2014. This was boosted by 82.2 per cent growth in net trading income to N6.8 billion.

    The bank continued to strengthen its mid and bottom-line performances as its increasing focus on cost reduction, credit risks management and operating efficiency cushioned macro headwinds and retained values for shareholders. Net operating income rode on the back of growth in net interest income and a 10.5 per cent reduction in impairment charges to N61.4 billion in 2014, an increase of 24.4 per cent on N49.3 billion recorded in 2013.

    Meanwhile, operating expenses increased by 26.5 per cent to N50.6 billion in 2014 as against N40 billion in 2013. This was due mainly to on-going investments in branch refits and expansion and rollout of alternative channels as well as regulation-induced cost.

    Consequently, profit before tax inched up by 15.4 per cent to N10.7 billion while profit after tax increased by 8.8 per cent to N9 billion. The net profit was impacted by 68.4 per cent increase in income tax expense.

    The bank’s balance sheet also emerged stronger. Net loans and advances increased by 15.4 per cent to N371.2 billion in 2014 compared with N321.7 billion in 2013. Customer deposits rose by 15 per cent to N655.9 billion as against N570.5 billion while shareholders’ funds increased by 33.5 per cent from N63.5 billion to N84.7 billion. Total assets closed 2014 at N824.5 billion, representing an increase of 16.5 per cent on N707.8 billion recorded in 2013.

    Managing Director, Sterling Bank Plc, Mr. Yemi Adeola, said the bank’s performance shows the strengths of its resilient growth model and its ability to continue to deliver value for all stakeholders.

    According to him, last year was a difficult year in many respects for the Nigerian banking industry as the multiple challenges arising from a weaker macroeconomic environment and the various regulatory responses to them put significant pressure on the margins of banks.

    “Despite these pressures, we achieved double-digit earnings growth in line with our medium-term strategic objectives. This performance underscores the commitment of the entire team to our corporate goals and the resilience of our business model,” Adeola said.

    He noted that during the year, the Bank initiated the upgrade of its technology infrastructure and the re-engineering, centralisation and automation of processes to improve the customer experience while in recognition of the critical role that human capital plays in successfully driving strategy and its execution, it also continued to invest substantially in employee training, talent retention, and the creation of an environment that fosters continuous learning and development.

    He assured that going forward, the bank would continue to deliver better values to all stakeholders given the steadiness of its strategic growth plan and its current strong balance sheet position.

    Besides, the Sterling Bank boss said the lender would further strengthen its capital base by raising new funds to support its business expansion and enhance its ability to undertake large-ticket transactions.

     

  • Analysts laud UBA as earnings rise to N290b

    United Bank for Africa (UBA) Plc outperformed analysts’ expectations as it released its audited report and accounts for the year ended December 31, 2014, showing increase in gross earnings to N290.02 billion.

    Key extracts of the audited report and accounts of UBA for the year ended December 31, 2014 showed that gross earnings rose from N264.69 billion in 2013 to N290.02 billion in 2014. Interest income had grown from N185.7 billion to N196.68 billion while net interest income increased from N103.23 billion to N106.13 billion.

    Exotix Partners LLP, a global finance and investment firm with offices in major global financial centres and significant imprints in Africa, said UBA’s performance showed “positive underlying trends” and the “earnings better than expected”.

    Exotix coordinates its global operations through five major offices in London, New York, Lagos, Dubai and Nairobi. The Exotix report was signed off by Kato Mukuru and Ronak Ghadia, chartered financial analysts.

    The audited report showed that the banking group substantially consolidated its African operations and enhanced productivity across the group, which helped to cushion impacts of industry-wide regulatory headwinds.

    The bank’s total assets rose to N2.76 trillion in 2014 as against N2.64 trillion in 2013 while shareholders’ funds increased from N235.04 billion to N265.41 billion. The bottom-line performance was however muted by midline costs. Profit before tax stood at N56.2 billion in 2014 as against N56.06 billion in 2013. Profit after tax improved from N46.60 billion in 2013 to N47.91 billion. With this, earnings per share improved slightly from N1.52 in 2013 to N1.56 in 2014. Customer deposits remained stable at N2.17 trillion in 2014.  Buoyed by this stability, UBA expanded its support for businesses on the continent by increasing its loan book by 14 per cent to N1.072 trillion in 2014.

    Group Managing Director, United Bank for Africa (UBA) Mr. Phillips Oduoza said the bank remained focus on its assets quality and efficiency citing its low classified  assets.

    “We expanded our loan book without compromising our focus on asset quality. Notably, our non-performing loan ratio remains one of the best-in-class at 1.6 per cent, as we responsibly grew risk assets in line with our defined risk appetite and target markets,” Oduoza said.

    According to him, the bank was also able to grow shareholders’ fund significantly by 13 per cent to N265 billion in 2014 from N235 billion in 2013, with a capital adequacy ratio above regulatory requirement.

    He said the bank would leverage on its adequate capitalisation and liquidity to grow market share across target business lines.

    He noted that the proposed cash dividend of 10 kobo per share reflects the balance between giving short term return to investors and the commitment to create sustainable long term value to all shareholders.

    “In arriving at the proposed dividend, the board considered a number of factors including shareholders dividend expectation, capital requirements for growth opportunities, and increasing regulatory capital requirements under Basel II. The board decided in favor of relatively higher earnings retention to strengthen the capital base, in line with the strategic goal of increasing our share of the market across all our business segments. We remain committed to creating sustainable long term value to all shareholders,”  Oduoza said.

    Group chief financial officer, United Bank for Africa (UBA) Plc, Ugo Nwaghodoh expressed optimism that the bank will continue to record a steady and sustained increase in its profitability by leveraging on low cost stable funds as well as rising opportunities in the bank’s target markets in Nigeria and across Africa.

    “The performance of our African business was boosted by increased cross selling of our products and a number of other strategic initiatives. As we gain critical mass in the African market, we look forward to increased earnings in line with the diversification of our business across Africa,” Nwaghodoh said.

    Analysts at Exotix noted that UBA’s strong volume growth in-non oil sectors pointing out that while net loans grew by 14.3 per cent to N1.05 trillion in 2014, UBA’s growth was driven mainly by the manufacturing and non-oil sectors, as against noted trend among other Nigerian banks.

    Analysts also cited strong net interest income growth as a positive factor in the report.

     

  • Shareholders praise Zenith Bank’s performance

    Shareholders of Zenith Bank have commended the board and management of the bank for the impressive performance of the bank and good dividend payment to shareholders.

    Shareholders, who spoke at the Annual General Meeting (AGM) in Lagos, said the bank has sustained its growth in spite of tough operating environment.

    Audited report and accounts of the bank for the year ended December 31, 2014 showed gross earnings of N403.34 billion in 2014, 14.8 per cent above N351.47 billion. Profit before tax rose by 8.3 per cent from N110.6 billion in 2013 to N119.8 billion in 2014. After taxes, net profit rose by 4.3 per cent to N99.46 billion in 2014 compared with N95.32 billion in 2013. Earnings per share thus stood at N3.16 in 2014 as against N3.01 in 2013.

    Zenith Bank continued to show impressive credit risk management and loan efficiency as the proportion of non-performing loans to gross loans and advances dropped from 3.0 per cent in 2013 to 1.8 per cent in 2104. Shareholders’ funds also increased by 8.5 per cent from N509.25 billion in 2013 to N552.64 billion in 2014.

    Shareholders approved the gross dividend of N54.94 billion recommended by the board of directors, implying that shareholders would receive a dividend per share of N1.75.

    President, Nigerian Shareholders Solidarity Association (NSSA), Chief Timothy Adesiyan lauded the management of the bank for the impressive performance and efficient running of the company in spite of the harsh economic environment.

    He noted that the bank put its cost and administrative expenses under control during the year under review while it has continued to operate in a transparent manner.

    “All indices kept growing; we appreciate their strategy, especially in the areas of training and developing the workforce. We appreciate the performance indicators and overall result of the bank,” Adesiyan said.

    National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, commended the bank’s management for abiding by strict corporate governance principles and sustaining its profitability.

    He pointed out that with the 11 per cent growth in customer deposit to N2.54 trillion and reduction in the non performing loan of the bank; the future of the bank is secured.

    He however advised the bank to look into its fines and penalties from the Financial Reporting Council of Nigeria (FRCN).

    “Shareholders money will not be used to pay fines and penalties; they should hold the board and directors responsible. Let them pay the money or the stock would be suspended from trading on the Exchange and the board will be careful in running the affairs of the bank,” Nwosu said.

    Meanwhile, analysts at Exotix have placed Zenith Bank on their buy recommendation, noting that the bank’s share price could rise to N29.

    According to analysts, impressive performance of the bank in 2014 has led to strong increase in their forecasts for the current financial year.

     

  • PZ Cussons to combine two subsidiaries

    PZ Cussons Nigeria Plc is undertaking a major corporate restructuring aimed at streamlining its operations and curtailing costs.

    Regulatory filing showed that the Board of Directors has resolved to embark on a corporate restructuring with a view to simplifying the company’s structure and operations.

    The restructuring involves business combination of two of PZ Cussons Nigeria’s subsidiaries – PZ Power and PZ Tower with the parent company. The business combination would be effected through a scheme of arrangement.

    According to the conglomerate, the restructuring would lead to reduction in administrative costs while simultaneously improving operational efficiency.

    However, the proposed merger will be subject to the receipt of the appropriate approvals from the Securities and Exchange Commission and the Federal High Court.

    PZ Cussons Nigeria recently recommended distribution of N794.1 million to shareholders as interim dividends for the current year ending May 31, 2015. The dividend recommendation was part of the third quarter interim report and accounts of the conglomerate released yesterday.

    According to the report, shareholders on the register of the company as at the close of business on March 31, 2015 will receive a dividend per share of 20 kobo, which will become payable on April 7, 2015.

    Key extracts of the nine-month accounts for the period ended February 28, 2015 showed marginal growth in sales amidst notable decline in the bottom-line. While sales rose by 0.56 per cent, pre and post tax profits dropped by 22.85 per cent and 27.91 per cent.

     

  • Electoral risk shaves off N462b from Nigerian equities

    Anxieties over the March 28 presidential and national assembly elections pervaded the stock market last week as investors scrambled to lock in cash and realign their portfolios. Investors discountenanced substantial undervaluation of most quoted equities and the trickles of full-year audited results and dividend recommendations.

    With nearly five decliners for every advancer, Nigerian equities were overwhelmed by the downtrend orchestrated by inflow of unrestricted sale orders, especially from foreign investors who were anxious about the outcome of the general elections.

    Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) dropped by N462 billion to close the week at N9.789 trillion as against its opening value of N10.251 trillion for the week. The benchmark index for the Nigerian stock market, the All Share Index (ASI)- a value-based composite index that tracks prices of all quoted equities, indicated a week-on-week decline of 4.51 per cent to close the week at 29,334.23 points. The ASI had opened the week at 30,719.36 points.

    All key value-based indices at the NSE indicated widespread bearish sentiments with additional risk of assets deterioration fuelling faster decline in the banking sector. The NSE 30 Index, a large-cap index that tracks the 30 most capitalized stocks on the NSE, indicated average weekly decline of 5.58 per cent. The NSE Banking Index recorded the highest loss of 11.77 per cent. The NSE Oil and Gas Index declined by 5.08 per cent while the NSE Insurance Index, NSE Consumer Goods Index and NSE Industrial Goods Index indicated average week-on-week loss of 0.25 per cent, 2.67 per cent and 2.53 per cent respectively. The NSE Lotus Islamic Index, which tracks Shari’ah –compliant stocks, also depreciated by 2.68 per cent.

    The downtrend further worsened the negative overall market situation at the stock market. Average year-to-date return closed weekend at -15.36 per cent, implying greater losses for investors as latest inflation rate showed increase from 8.2 per cent in January to 8.4 per cent in February.

    There were 11 gainers against 53 losers last week. Also, some 132 stocks, mostly stunted insurance stocks and other long-time penny stocks, closed flat. Africa Prudential Registrars suffered the highest loss of 22.58 per cent to close at N2.40 per share. Zenith Bank followed with a drop of 19.95 per cent to close at N16.49. Dangote Flour Mills dropped by 17.85 per cent to close at N2.90. Diamond Bank depreciated by 14.82 per cent to close at N3.62 while Fidelity Bank declined by 14.57 per cent to close at N1.29 per share.

    Total turnover stood at 1.38 billion shares worth N12.05 billion in 16,877 deals. Financial services sector remained the most active with a turnover of 1.23 billion shares valued at N7.18 billion traded in 10,743 deals. This represented 88.9 per cent of total turnover.  Conglomerates sector staged a distant second with a turnover of 61.57 million shares worth N187.60 million in 814 deals while the consumer goods sector placed third with a turnover of 49.20 million shares worth N3.2 billion in 2,450 deals.

    The trio of Diamond Bank, Access Bank and FCMB Group were the most active stocks, accounting for 550.74 million shares worth N2.42 billion in 1,500 deals, representing 39.8 per cent and 20.1 per cent of the total turnover volume and value respectively.

    Also, 105,162 units of Exchange Traded Products (ETPs) valued at N1.504 million were traded in 20 deals during the week.

    The performance of the Nigerian market contrasted sharply with the predominantly bullish mood of the global markets. In the emerging markets, China Shanghai Composite Index indicated a positive return of 7.2 per cent last week. The Brazilian IBOVESPA rose by 6.1 per cent. In London, the United Kingdom FTSE indicated a week-on-week gain of 3.3 per cent while the United States’ key indices, S & P 500 and NASDAQ appreciated by 2.4 per cent and 3.2 per cent respectively.

    Analysts attributed the negative performance of the Nigerian stock market to anxieties over the forthcoming general elections.

    “While the bearish trading in the market within the past two weeks has further led to increased upside potential for equities, investors’ apprehension as the general elections approaches next week remained the only downside risk,” analysts at Afrinvest Securities stated in their weekend review.

    Analysts said the market may remain on the downside this week as more investors seek to exit their positions. They however noted the increasing upside potential being created by the continuing undervaluation of equities.

    “Selling pressures have again returned as we approach the polls on 28 March as some foreign investors think the previously unthinkable. We may have had the thoughts but do not reach the dark conclusions. FBN Capital sees a one per cent loss for the index (ASI) over the full year,” analysts at FBN Capital stated.

     

  • Chapel Hill Denham becomes primary market maker

    Chapel Hill Denham becomes primary market maker

    Chapel Hill Denham Securities Limited has been appointed as a primary market maker at the Nigerian Stock Exchange (NSE). This appointment confers a special status on Chapel Hill Denham as one of the foremost traders on the stock market.

    Market-making is a technical term that generally refers to the system of providing liquidity to securities through provision of bid and offer prices in the trading system of a stock exchange. A member of the exchange that undertakes the function of market making is called market maker.

    Market makers are usually categorized according to the level of liquidity supports they provide. A primary market maker is regarded as the foremost liquidity provider of a particular security while the supplemental market maker acts as a supplementary liquidity provider.

    Executive Director, Business Development, Nigerian Stock Exchange (NSE), Mr. Haruna Jalo-Waziri, described the appointment as a positive step towards the improvement of market liquidity and depth.

    According to him, Chapel Hill Denham went through a rigorous selection process and met the minimum net capital requirement, as well as compliance history and operational standards, as set by the Exchange.

    He explained that the market-making initiative is aimed at providing liquidity through the establishment of best prices and the narrowing of spreads noting that there is one primary market maker and two supplemental market makers assigned to each listed equity.

    The market-making initiative started on the NSE in September 2012 with the commencement of a hybrid market system that allows market makers to provide two way quotes and licensed brokers.

    The NSE had initially in April 2012 appointed 10 stockbrokers as market makers. These included Stanbic IBTC Stockbrokers, Renaissance Capital, Future View Securities, Vetiva Capital, ESS/DunnLoren Merrifield, WSTC Financial Services, Capital Bancorp, FBN Securities, Greenwich Securities and CSL Stockbrokers. However, WSTC Financial Services resigned its position.

     

  • Financial expert advises investors on how to mitigate risks

    A financial expert and the chief marketing officer of Flobal Trust Limited, Mr. Abayomi Adeyeri, has advised investors to develop the habit of continuous savings and investments, and to avail themselves of the services of professional investment managers in order to achieve sustainable living standards during and after their active career.

    Adeyeri, a former regional head and senior management member of Ecobank Nigeria Limited, cautioned that savings and investment should not be handled haphazardly, but should be managed through a planned programme of ideas, resources and actions based on individual peculiarities. Mr. Adeyeri was delivering a paper at the first Warri Business Seminar, held in Warri, Delta State.

    According to him, investments involve risks which are greatly reduced when investors seek advice from professional investment managers and also show commitment towards continuous savings and investments. He noted that investment risks can also be mitigated by diversifying one’s portfolio across several investment options including money market instruments such as treasury bills; capital market instruments such as shares and real estate investments, among others.

    While acknowledging that there are risks involved in non-fixed investments such as shares, Adeyeri opined that diversification and use of professional managers would ensure that investors reap the greatest benefit associated with such high-risk investments.

    He, however cautioned that investors should always carry out due diligence to confirm the status of any investment company they want to deal with, noting that they can directly verify the status of any investment company by making enquiry at the Securities and Exchange Commission (SEC) or check the website of the Commission. SEC is the apex regulator for the capital market.

    According to him, the status check on any professional manager or investment firm should include verification of whether the person or company has flouted any extant law guiding capital market operations.

    He advised income earners to develop the habit of paying themselves first by setting aside a pre-determined portion of their income, at least 20 per cent, for continuous savings and investments.

    He pointed out that everybody needs to have a financial plan that will specify savings and investment objectives and draw up specific action plan to achieve these objectives. In drawing up a financial plan, the objectives could include a home, a car, a comfortable retirement, children education, new business, periods of unemployment and caring for parents and extended family among others depending on individual priorities and stage in life.

    “If you do not know where you are going, you may end up where you do not plan, design your roadmap to your financial plan and know what you want to save for and when. You must also know your current financial situation by figuring out what you own and what you owe. By so doing, you will be creating a “net worth statement”, showing your assets and liabilities,” Adeyeri said.

    He outlined the steps to achieving effective savings and investment to include preparation of adequate financial plan, keeping track of monthly incomes and expenses, payment of any high interest debt and avoidance of impulse buying, observing the “pay yourself first” rule by putting a monthly standing order for direct deduction of income for investment and living below one’s income in order to create regular pool of funds for savings.

    Besides organized investments such as money and capital market investments,               Adeyeri said people can work their way to sustainable wealth and financial freedom by developing a nose for peculiar environmental challenges within their localities and converting these challenges to opportunities for income earning by providing solutions as an entrepreneur.

    He urged people not to be afraid of taking the big step forward to financial freedom, noting that idea is the most important capital needed for financial freedom. According to him, with a good idea backed by feasible plan, there are always many options of raising initial capital to start a business or investment including capital from personal savings, capital from family and friends, capital from cooperatives, partnership and sale of part of the company by issuing shares to prospective investors.

    Flobal Trust Limited is licensed by the Securities and Exchange Commission (SEC) as a corporate investment and financial advisory firm. Incorporated in August 2007, the Effurun, Warri, Delta State-based firm has nearly a decade experience providing tailor-made financial services and products to a diversified client base that includes high net worth individuals, small and medium scale businesses, and large institutions.

    Some of its advisory products include Flobal Plural Account, a money market product, Flobal Corporate Advances PLUS, an asset product structured for oil and gas affiliated establishments and Flobal Individual Advances PLUS, a premier-packaged product for Flobal Trust customers.