FBN Holdings Plc
FBN Holdings Plc Monday listed its entire issued shares on the Nigerian Stock Exchange (NSE).
In compliance with the Central Bank of Nigeria (CBN) directive, the company announced that it would be divesting from one of its subsidiaries, First Registrars Limited while the other 12 subsidiary companies would be part of the new entity.
Consequently, the company listed a total of 32.6 billion ordinary shares of 50 kobo each at N15.05 per share. Also, company announced that shareholders of First Bank Plc would retain their entire holding in the new entity.
Speaking at the event, Managing Director/CEO, FBN Holdings, Mr. Bello Maccido, said the holding company structure promised enhanced service delivery, performance and profitability for the group’s customers, shareholders and investors.
“We have created an operating model that will drive service excellence and profitably grow the group’s presence in commercial banking and non-banking financial services in order to achieve the aspiration to be the dominant financial services group in sub-Saharan Africa within the next five years,” he said.
FBN Holdings comprises First Bank of Nigeria Limited, FBN Capital Limited, FBN Life Assurance Limited, FBN Insurance Brokers Limited and FBN Microfinance Bank.
The group emerged after First Bank of Nigeria Plc was delisted last week from the NSE in compliance with the Central Bank of Nigeria regulation requiring the separation of commercial banking business from other financial services businesses.
An Extraordinary General Meeting (EGM) of First Bank held on 24 September 2012 ratified the process after relevant approvals were obtained from the regulatory authorities.
Maccido said while customers of the group’s banking and non-banking subsidiaries would continue to experience the friendly and innovative service in keeping with First Bank’s culture, shareholders of the holding company would benefit from the entire businesses in the group.
“The holding company structure is designed to enhance the group’s competitiveness, streamline and coordinate various operations across non-bank financial services, and further exploit opportunities for synergies between subsidiaries. What we now have is a structure that has the potential to do much more for our customers and protect and preserve shareholders’ value through retention of good investments,” he added.
According to him, FBN Holdings would operate a corporate centre with responsibility for setting strategic direction and providing group-wide oversight through the constitution of a governing board and committees at the group level to optimally align corporate governance and management roles.
The HoldCo structure does not change the rights and ownership of existing shareholders of First Bank of Nigeria Plc. Their shareholding will be migrated to FBN Holdings Plc in exchange for receiving ordinary shares in FBN Holdings equal to the number of shares they held in First Bank immediately before the effectiveness of the restructuring.