FCMB’s UK Subsidiary Expands Banking Proposition

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FCMB Bank (UK) Limited has disclosed that it recently obtained a variation of its banking permission to include retail (investments) services. The permission was granted by the Prudential Regulation Authority at the Bank of England, and became effective recently.

With this, the bank explained that individuals and businesses that seek to transact banking services between those in Nigeria or other African countries and who desire to maintain a banking relationship in the City of London, now have the opportunity to do so.

A statement from the bank explained that based on the approval, FCMB Bank (UK) Limited is now able to extend the level of banking services its corporate and institutional customers currently receive to high networth individuals and SMEs.

The Chief Executive Officer of the bank, Mr. James Benoit said: “This approval and extension of services is a major achievement which will enable the bank deliver its promise of being the Corporate and Private Bank for African-oriented entrepreneurs, investors and professionals across all their banking needs. The Bank will be expanding its premises and entering into partnerships with Fintech providers to open up service options to our clients and enhance their overall banking experience.”

Also, the Chief Risk Officer of the bank, Mr. BC Achary said: “With the extension of its services, the bank is able to receive deposits from both customer segments as well as provide them bank loans to enable them meet their financing needs. The deposit products on offer include current, notice savings and fixed deposit accounts at competitive rates, while its lending products include Buy-to-Let Mortgage Loans enabling target customers to acquire a piece of London and purchase property to include in their investment portfolios.”

On his part, the CEO of the FCMB Group Plc, Mr. Ladi Balogun, noted that: “Our successful UK platform has proven to be of great importance to the Nigeria stockbroking and international trade finance activities of FCMB Group. Leveraging our deep networks in Africa’s biggest economy, the importance of a London presence to many of our Personal and Business banking customers, and technological innovation, we welcome this opportunity to meaningfully serve more of our customers and grow the value of our UK franchise.”

The bank has completed arrangements to formally launch its personal and business banking proposition on the 19th July, 2018 in London and subsequently on 31st July, 2018 in Lagos.