The FCMB Group Plc said two of its subsidiaries, First City Monument Bank (FCMB) and First City Asset Management Limited (FCAM) emerged the “Most Improved Retail Bank in Nigeria’’ and “Best Managed Fund in Equity,” respectively, at this year’s BusinessDay Banking Awards held recently in Lagos.
The FCMB Group, in a statement, explained that the latest development was a confirmation of its giant strides.
It also said it was a testimony that the various initiatives being driven by the subsidiaries in the areas of service, products offering, operations and value addition to enhance customer experience are yielding the desired results and appreciated. While First City Monument Bank (FCMB) is the retail, commercial and corporate banking arm of the Group, First City Asset Management Limited (FCAM) is the investment management services arm of CSL Stockbrokers Limited, another subsidiary of the Group.
According to the organisers, FCMB was adjudged as the, ‘’Most Improved Retail Bank in Nigeria’’ as a result of its remarkable transformation from an investment bank to become a leader in the retail banking segment in less than 10 years. For instance, the bank has increased the number of its branches nationwide to over 200, while its alternate channels provide prompt, secure and convenient banking services, among other benefits to millions of customers.
On the conferment of the award as ‘’Best Managed Fund in Equity’’ on FCAM, the committee said that the company’s flagship product,Legacy Equity Fund,had witnessed consistent growth in unit price and net asset value to become the best performing, predominantly equity-based mutual fund in Nigeria.