The Nation Newspaper

Tag: FCMB

  • FCMB upgrades service delivery with new software

    FCMB upgrades service delivery with new software

    First City Monument Bank (FCMB) Limited has upgraded its service delivery platform by deploying the Finacle Core Banking solution version 10 to enhance world-class service excellence and customer experience.

    In a statement, the bank said that the new generation banking platform will also accelerate innovation and support its business growth in the rapidly changing business environment in which it operates.

    It explained that the advanced service-oriented architecture (SOA) of Finacle 10 enables the lender to optimise its processes, enhance system reliability,performance, scalability and security, among others. This ensures that transactions at the bank’s branches and other touch points are now faster with rare occasions of service unavailability at its alternate channels, while offering more innovative products to customers.

    While expressing gratitude to customers for their patience and understanding during the upgrade process, the bank assured that it will continue to expand its platforms and further raise the bar in products and service offerings in line with its culture of excellence and values as a simple, reliable and helpful lender.

    The Group Managing Director/Chief Executive of First City Monument Bank,  Ladi Balogun, said the bank is excited to have successfully concluded the Finacle 10 service delivery platform upgrade.

    He stated further. “’We are conscious of the needs of our target market and the evolving dynamics of the society with an increasing technology savvy population. The new Finacle 10 solution provides us the flexibility required to create new pathways for enhanced offerings and service excellence using cutting edge technology. It has also placed us on a higher pedestal to sustain our rapid expansion drive and keep pace with market demands and trends”.

    Also speaking, the Executive Director, Service Management and Technology of FCMB, Nath Ude, stated: ‘’The pace of change in the financial services sector is unprecedented, driven by growth in disruptive technologies that are changing how we bank and conduct business. This new environment creates challenges, but more importantly, provides us with a unique opportunity to lead the sector and serve our customers as they embrace new technologies and seek secure, easier and more flexible ways to look after their daily banking needs.

    With the functionalities available in the new Finacle10, we are optimally positioned to help our customers realise their financial goals while delivering products and services in a targeted manner that takes into account, our customers unique needs and preferences.’’

  • FCMB eyes higher earnings for subsidiaries

    FCMB eyes higher earnings for subsidiaries

    FCMB Group Plc has projects that its subsidiaries are well positioned to grow strongly this year. The concerned firms are First City Monument Bank (FCMB) Limited, FCMB Capital Markets Limited and CSL Stockbrokers Limited.

    In a statement, the holding company said its subsidiaries would also deepen the financial services support they provide to customers and the nation at large with their array of products and bespoke solutions to further enhance customer experience in their respective target markets.

    Managing Director of FCMB Group Plc, Peter Obaseki, said, ‘’2016 will be characterised by continued growth in retail contribution, stabilisation of wholesale banking revenues and increased focus on cost efficiencies’’.

    He added that the retail banking business of the Group, which is driven by First City Monument Bank (FCMB) Limited, has continued to ‘’show greater resilience and earnings momentum over the years’’.

    He disclosed that FCMB Group Plc would in the fourth week of January this year announce the completion of the banking subsidiary’s interim audit, which should pave way for the release of the 3Q15 earnings results of FCMB Group Plc.

    He said third quarter 2015 earnings will fall below earnings for the same period in 2014, due to a spike in impairments particularly in the energy sector and the significant reduction in trade finance-related revenues due to foreign exchange illiquidity. This trend, he added, will continue December 2015 and largely emanated from wholesale banking activities’.

    The Group Managing Director/Chief Executive Officer of the Bank, Ladi Balogun, said: ‘’we will continue to do the things we are doing well; driving low cost deposit growth, in order to bring down the cost of funds, through increased acquisition and collections.  We will also continue to raise our performance in customer service by building a vibrant, credible and relevant banking brand that everyone wants to bank with. Overall, we are confident this progress and momentum will be sustained, as we continue to grow our market share through service excellence while improving our efficiency ratios’’.

  • FCMB alerts investors of lower earnings

    FCMB Group Plc, the holding company for First City Monument Bank and its former subsidiaries, has forewarned investors that it would report lower earnings for 2015 financial year. The profit warning compounded the downtrend at the Nigerian stock market, sending FCMB’s share price down by 8.47 per cent to N1.08 per share.

    In a profit warning made available at the Nigerian Stock Exchange (NSE) on Monday, FCMB said its earnings in third quarter 2015 will be materially below earnings for the corresponding period in 2014. It added that the fourth quarter 2015 earnings also followed a similar trend with the third quarter 2015.

    Managing director, FCMB Group Plc, Mr. Peter Obaseki  said the slowdown in the third quarter continued in fourth quarter 2015 and largely emanated from wholesale banking activities, although retail banking showed greater resilience and earnings momentum.

    “Third quarter 2015 earnings as at September 2015, will be materially below earnings for the same period in 2014, due to two factors: a spike in impairments particularly in the energy sector and the significant reduction in trade finance-related revenues due to foreign exchange illiquidity,” Obaseki said.

    He however assured that 2016 will be characterised by continued growth in retail contribution, stabilisation of wholesale banking revenues and increased focus on cost efficiencies in order to restore earnings levels.

    First City Merchant Bank Limited was established in 1982 and began operations as a licensed deposit taker and merchant bank on August 11, 1983. It was the first Nigerian merchant bank to be established without government or international support.

    With the advent of universal banking in 2001, First City Merchant Bank Limited converted into a universal bank. It changed its name to First City Monument Bank Limited and commenced commercial banking activities, while its corporate finance activities were spun-off into a new subsidiary – FCMB Capital Markets Limited.

    In 2004, the bank changed status from a private limited liability company to a public limited liability company, and was listed on the NSE in December of that year. In 2010, the Central Bank of Nigeria (CBN) issued Regulation 3 (Scope of Banking Activities and Ancillary Matters, No. 3, 2010), which required banks to divest their non-banking businesses or retain them under a CBN-approved financial group structure.

    As a result of this reorganisation, the newly created FCMB Group Plc became the holding company, with First City Monument Bank Plc (FCMB Plc), CSL Stockbrokers Limited (CSLS) and FCMB Capital Markets Limited (FCMB-CM) as direct subsidiaries. Shareholders of FCMB Plc were also migrated to FCMB Group Plc via a one-for-one share exchange between FCMB Group Plc and FCMB Plc. FCMB Plc, the bank, was thereafter re-registered as a limited liability company, becoming First City Monument Bank Limited (FCMB Limited). In 2014, CSL Trustees Limited also became a direct subsidiary of FCMB Group Plc.

  • FCMB supports SMEs’ funding

    FCMB supports SMEs’ funding

    The Group Managing Director/Chief Executive of First City Monument Bank (FCMB) Limited, Ladi Balogun, has urged Nigerian women to take advantage of the opportunities provided by various initiatives of the government and the bank in the Small and Medium Scale Enterprises (SMEs) space to enhance their well-being and that of the country.

    He assured that the bank would continue to deepen its support to existing and upcoming women-owned SMEs through increased lending, capacity building, advisory and value-added products as well as service deliveries that would enhance customer experience.

    Balogun made these known while speaking at a capacity building session in Lagos which was organised by FCMB for women entrepreneurs on the N220 billion Central Bank of Nigeria intervention meant for SMEs’ development.

    The programme was in partnership with WEConnect International and Poize Magazine. FCMB is one of the financial institutions appointed to disburse the fund which requires that 60 percent of it should be channeled to women-owned businesses. So far, the bank  which grants over 20,000 monthly loans to individuals and companies and over 2,000 women-owned businesses (non-collateralized lending), has disbursed over N1.7 billion to SMEs in the intervention scheme.

    The capacity building session was attended by women entrepreneurs who operate in various sectors of the economy. It is part of FCMB’s strategies to reach out to the operators,  educate them on how to access the fund and equip them with relevant skills to take their business to greater heights. The development formed part of the bank’s contributions to the growth of SMEs and promote financial inclusion.

    CBN’s Assistant Director, Developmental Finance, Mr. Jonathan Tobin told the women entrepreneurs to be committed and show passion in their businesses. While advising that they could start small and grow, he stressed that, “CBN is determined to partner with FCMB to ensure you grow your businesses to achieve your business dream”.

     

  • Why we funded PAU project, by FCMB chief

    Why we funded PAU project, by FCMB chief

    The Group Managing Director/Chief Executive of First City Monument Bank (FCMB) Limited, Ladi Balogun, has said the bank’s decision to donate a multi-purpose Students’ Centre to Pan-Atlantic University (PAU), was part of its strategies to invest in the future of the youth.

    He added that the gesture was also in line with the commitment of the bank to effectively support initiatives that would enhance the standard of education in the country and the well-being of the society.

    The FCMB Students’ Centre, located within the main campus of PAU at Ibeju-Lekki, along Lekki-Epe Expressway, Lagos, is a facility devoted to students’ recreation and socialisation.

    In addition, it will be an important avenue for informal learning, which is an integral part of the university’s life. The building features two main areas-a cafeteria on the ground floor and a mini-mall on the first floor. In the mini-mall are-a supermarket, a boutique, an agency banking service, a unisex hair salon, a laundry shop and a coffee shop.

    Speaking at the commissioning and hand-over ceremony of the centre at the weekend in Lagos, Mr. Balogun, said: “We felt the need to provide the students with a conducive environment that would facilitate learning, while at the same time serve as an avenue to socialise near their hostels through basic facilities for relaxation, shopping, retail and banking services.

    ‘’We will continue to invest in the future and by extension, Corporate Social Responsibility programmes.”

    According to him, Lagos Business School (which is part of PAU) is the highest-ranked business school in Nigeria. “We believe that in a few years from now, thousands of students would be in this institution. It is our desire to continually partner the university to provide facilities that would ensure effective teaching and learning to engender manpower development,’’ he said.

  • FCMB supports SMEs’ funding

    FCMB supports SMEs’ funding

    The Group Managing Director/Chief Executive of First City Monument Bank (FCMB) Limited, Ladi Balogun, has urged Nigerian women to take advantage of the opportunities provided by various initiatives of the government and the bank in the Small and Medium Scale Enterprises (SMEs) space to enhance their well-being and that of the country.

    He assured that the bank would continue to deepen its support to existing and upcoming women-owned SMEs through increased lending, capacity building, advisory and value-added products as well as service deliveries that would enhance customer experience.

    Balogun made these known while speaking at a capacity building session in Lagos which was organised by FCMB for women entrepreneurs on the N220 billion Central Bank of Nigeria intervention meant for SMEs’ development.

    The programme was in partnership with WEConnect International and Poize Magazine. FCMB is one of the financial institutions appointed to disburse the fund which requires that 60 percent of it should be channeled to women-owned businesses. So far, the bank  which grants over 20,000 monthly loans to individuals and companies and over 2,000 women-owned businesses (non-collateralized lending), has disbursed over N1.7 billion to SMEs in the intervention scheme.

    The capacity building session was attended by women entrepreneurs who operate in various sectors of the economy. It is part of FCMB’s strategies to reach out to the operators,  educate them on how to access the fund and equip them with relevant skills to take their business to greater heights. The development formed part of the bank’s contributions to the growth of SMEs and promote financial inclusion.

    CBN’s Assistant Director, Developmental Finance, Mr. Jonathan Tobin told the women entrepreneurs to be committed and show passion in their businesses. While advising that they could start small and grow, he stressed that, “CBN is determined to partner with FCMB to ensure you grow your businesses to achieve your business dream”.

     

  • FCMB sponsors youth entreneurship scheme

    FCMB sponsors youth entreneurship scheme

    First City Monument Bank (FCMB) Limited is for the second consecutive year sponsoring the 2015  edition of the fashion-to-entrepreneurship reality competition tagged, ‘’Dare2Dream (D2D)’’.

    The contest, which is organised by Kinabuti, a Nigerian-based Italian fashion label, and Pulse.ng, provides an opportunity for young and aspiring women across the country, especially students, who desire to take up career in modelling and fashion, to showcase their skills and live their dreams.

    The initiative is also designed to discover, empower and encourage them to realise their aspirations through the sponsorship platform provided by the FCMB brand, while raising the profile of the Nigerian fashion industry.

    This year’s competition will kick off on November today with a campus activation that would involve a selection programme of contestants who are students in three universities.

  • FCMB promotes export growth

    FCMB promotes export growth

    First City Monument Bank (FCMB) Limited has said it will continue to support export of local products through funding initiatives.

    The bank’s Executive Director, Business Development, Mr. Adam Nuru, disclosed this at the Customer Forum on Export Trade with the theme: Enhancing Capacity for Export Growth, organised by the bank.

    The forum was organised by FCMB in partnership with the Nigerian Export Promotion Council (NEPC), Nigeria Export-Import Bank (NEXIM), Bank of Industry (BoI), National Agency for Food and Drug Administration and Control (NAFDAC), Nigeria Customs Service (NCS), Nigeria Agricultural Quarantine Services (NAQS), Federal Inspection Agency for Solid Minerals (FIASM).

    Nuru said that the lender has created opportunities to assist Nigerian exporters benefit optimally from products export. He listed some of the offerings of the bank in this regard to include pre and post-shipment financing/refinancing and discounting, provision of market information as well as advisory services.

    He explained that, ‘’the customer forum is another way we demonstrate not just how much we value our customers, it is also an opportunity to inform the market that we are truly on ground to support government and stakeholders in their efforts towards driving and growing export trade to boost non-oil revenue in the economy. Our alignment with the Nigerian Export Promotion Council and other sister agencies is a proof of the commitment to go the extra mile to contribute significantly towards the realisation of the business aspirations of our customers and that of the country’’.

    Speaking at the event, Evelyn Obidike, Deputy Director at Nigeria Export Promotion Council (NEPC) said there are several factors that work in favour of Nigerian exporters and should be explored to maximise their export potentials.

    She said the large population of Nigeria remains veritable tool to be leveraged by exporters to do better. Obidike also urged exporters to give the best to the packaging of their products to attract both local and international consumers. She said that packaging remains a silent selling strategy explored by wise exporters to achieve mileage in their businesses.

    Also speaking at the event, Director of Small and Medium Enterprises (SMEs) at Bank of Industry (BOI), Waheed Olagunju, said the lender values SMEs by looking at the levels of risks and opportunities in the businesses that need funding.

     

     

     

  • FCMB, NEPC host exporters forum

    FCMB, NEPC host exporters forum

    First City Monument Bank (FCMB) Limited will this week, host businesses and other stakeholders involved in export trade at a forum in Lagos.

    The event with the theme: “Enhancing Capacity for Export Trade”, is in partnership with the Nigerian Export Promotion Council (NEPC).

    The interactive forum is in continuation of the bank’s efforts to boost export trade and help customers tap into the numerous benefits associated with the business through sensitisation and capacity enhancement.

    The Executive Director/Chief Executive of the NEPC, Olusegun Awolowo, and top officials of the Nigeria Export-Import Bank and Bank of Industry are expected to attend the forum with other regulatory bodies.

    According to the Executive Director, Business Development of FCMB, Adam Nuru, “the customer’s forum is another way FCMB demonstrates the willingness to go the extra mile towards contributing to the growth of their businesses”.

    According to him, the bank is committed to assisting stakeholders to reduce challenges that hinder effective export trade in the country.

  • FCMB, Peugeot deepen auto financing

    First City Monument Bank (FCMB) Limited and Peugeot Automobile Nigeria (PAN) have launched an auto finance and acquisition scheme. The development is part of efforts to help individuals, (including the self-employed) and employees of organisations, corporate bodies and institutions within the public and private sectors, to become car owners in a convenient way.

    Under the scheme, which was unveiled at the weekend in Abuja, qualified customers of FCMB would be able to own a new Peugeot for a low as N80,367.68 under a monthly repayment plan up to five years. The new generation Peugeot brands on offer in the scheme, with varied monthly instalment payments, are the 301 ranges (Access, Active, Allure PRS, LXP); the 308 models (Allure Executive and Allure PRS); the 3008 (Active and Active LXP); 4008 and 508 (Active and Access).

    At the launch, the Regional Director, Abuja and North, FCMB, Lukman Mustapha, said  the partnership is a value-added consumer loan offering aimed at expanding the scope of vehicle ownership in the country. He said: “We have designed this scheme to enhance the lifestyle of our existing and potential customers through discounted pricing, flexible repayment and other benefits associated with it.”

    Mustapha stated that as an inclusive lender with a strong retail franchise, FCMB is committed to create opportunities for not just its customers, but all segments of the society in line with its values as a simple, reliable and helpful financial institution.

    FCMB’s Divisional Head, Retail Banking, Olu Akanmu, explained that apart from the flexible and convenient repayment plans, the scheme offers many benefits. Among these are free vehicle registration and tracking, three-year extended vehicle maintenance service, discounted insurance premium and discounted interest rate.

    Akanmu assured that, “throughout the period of this scheme, our customers, who sign-on will not have to worry about releasing bulk cash to acquire a brand new Peugeot vehicle. With this offering, they will be able to meet other needs at the same time”.

    Managing Director/Chief Executive of Peugeot Automobile Nigeria (PAN), Ibrahim Boyi, said the auto maker is excited to partner FCMB to make the acquisition of vehicles easier for Nigerians. “This is a partnership between two notable and viable brands. The auto finance scheme offers new evolutions of Peugeot cars that are durable, provides safety, comfort and fully adapted to Africa’s climate,” he said.

    While advising potential beneficiaries of the scheme to live within their means and, “avoid abusing the credit facility, which the Bank will provide to them”. Mr. Boyi expressed optimism that, “many Nigerians will take advantage of this opportunity to become car owners”.