First City Monument Bank

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First City Monument Bank

Website: http://www.fcmb.com
First City Monument Bank (FCMB), a member of FCMB Group Plc, is a financial services holding company headquartered in Lagos. FCMB Group Plc has nine subsidiaries divided among three business groups: commercial and retail banking, investment banking, and asset and wealth management.[2] As of December 2020, the Group's total assets were valued at US $5 billion (NGN: 2 trillion).

The entity from which the bank was founded, City Securities Limited (CSL), was established in 1977 by Oloye Subomi Balogun, the Otunba Tunwashe of Ijebu, a Yoruba traditional aristocrat. First City Merchant Bank was established in 1982 with seed capital from CSL. It was incorporated as a private limited liability company on 20 April 1982 and granted a banking license on 11 August 1983. It was the first bank to be established in Nigeria without government or foreign support. In 2001, the name of the bank was changed from First City Merchant Bank to First City Monument Bank Limited following the bank's transformation to a universal bank. A new subsidiary, FCMB Capital Markets Limited, was formed to support its corporate finance activities. 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.

Credit Direct Limited, a non-bank subsidiary, was established in 2007.[7]

As a result of the 2010, Central Bank of Nigeria (CBN) regulation, FCMB Group Plc was formed and became the financial holding company for FCMB's direct subsidiaries.

In 2014, FCMB (UK) Limited, a branch of First City Monument Bank Limited, was authorized to operate in the United Kingdom. It is regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

In November 2017, FCMB Group acquired FCMB Pensions Limited (formerly Legacy Pension Managers Limited). In July 2021, FCMB Pensions Limited acquired a 60% stake in AIICO Pension Managers Limited.

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[Adawebs]

First City Monument Bank (FCMB)

First City Monument Bank (FCMB) is a strong financial institution in Nigeria whose influence reaches far and wide across the country and beyond. With total assets valued at ₦2.2 trillion as at the end of 2022 financial year

The group's subsidiaries are beacons of leadership in their respective sectors, underlining FCMB's unwavering commitment to excellence and innovation. Having seamlessly transitioned into a retail and commercial banking-focused group, FCMB continues to set itself apart by delivering unparalleled services, championing growth, and nurturing the personal and business dreams of its valued customers.

FCMB's remarkable growth trajectory has not been without notice, from a modest 26 branches in 2005 (pre-consolidation) to an impressive 150 branches by 2007. Its journey was marked by strategic acquisitions and mergers, including notable names like FinBank Plc, Cooperative Development Bank, Midas Bank, and Nigerian American Bank. These strategic moves solidified FCMB's position as a formidable banking presence with an expansive network of over 310 branches across Nigeria's diverse states.

As FCMB's footprint broadened, a holding structure emerged, a testament to the bank's foresight and agility in navigating an evolving financial landscape. FCMB Group Plc assumed its role as the holding company, presiding over FCMB Ltd and its assorted subsidiaries. Leading the charge is First City Monument Bank Limited, the flagship entity, which boasts an impressive customer base of approximately 7.1 million and a robust network of 206 branches within Nigeria. Across international waters, FCMB Bank (UK) Limited extends the group's influence with a banking subsidiary in the United Kingdom.

The roots of the present-day FCMB Group Plc trace back to 1977, where the story commenced with City Security Ltd, a pioneering stock-broking firm. In 1982, the stage expanded as First City Merchant Bank obtained its license, evolving into the FCMB we recognize today. The transformation culminated in a name change to First City Monument Bank in 2001, a reflection of FCMB's embrace of its universal banking identity.

FCMB's journey is not just one of financial prowess but a testament to its commitment to catalyzing progress, fostering financial empowerment, and steering Nigeria's banking landscape into the future. From its humble origins to its present-day influence, FCMB stands as a beacon of excellence, an emblem of resilience, and a vital force driving Nigeria's economic aspirations forward.

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