FCMB Bank (UK) Limited Launches Retail and Business Banking Proposal to Deepen Inclusiveness
FCMB Bank (UK) Limited, an independent subsidiary of First City Monument Bank Limited (which is a member of FCMB Group Plc), presented its retail and business banking proposal in London, UK and Lagos, UK. Nigeria in an impressive ceremony attended by the upper echelon of the business community inside and outside the country.
The development follows the latest variant of authorization obtained by the UK-based bank to expand its services to include retail (investments) for individuals and businesses. This is in addition to the existing business of accepting wholesale deposits, foreign exchange, treasury, corporate banking and trade finance from corporate and institutional clients of FCMB Bank (UK) Limited.
The change in authorization was granted by the Prudential Regulation Authority, the UK’s financial services regulator, and came into effect on June 8, 2018.
FCMB Bank (UK) Limited’s retail and business banking proposition is based on the Bank’s leverage in London and awareness of Africa. This will enable the financial institution to deliver on its promise to be the corporate and private bank for African-oriented entrepreneurs, investors and professionals for all their banking needs.
FCMB Group Plc Managing Director, Mr. Ladi Balogun, explained at the ceremony that the launch of FCMB Bank (UK) Limited’s personal and commercial banking proposal is as much a statement of substance as of intent. According to him, “Our successful UK platform has proven to be of great importance to the FCMB Group’s stock brokerage and international trade finance activities in Nigeria. Leveraging our deep networks in Africa’s largest economy, the importance of a presence in London for many of our personal and business banking clients and technological innovation, we welcome this opportunity to serve more of our customers and grow the value of our UK franchise ”.
Also speaking, the CEO of FCMB Bank (UK) Limited, Mr. James Benoit, said: “With the expansion of its services, the Bank is now able to receive deposits from both customer segments and their provide bank loans to enable them to meet their financing needs. The deposit products offered include current savings accounts, with notice and fixed deposits at competitive rates; while its lending products include Buy-to-Let mortgages which allow target clients to acquire a piece of London and purchase a property to be included in their investment portfolios. ”.
He added that the bank would expand its premises and enter into partnerships with fintech providers to open up service options to its customers and improve their overall banking experience.
The dignitaries at the launch congratulated the board and management of FCMB Group Plc for going the extra mile to ensure the institution’s very strong presence in the UK through FCMB Bank (UK) Limited which will help greatly to stimulate individuals and businesses. transactions between Nigeria and the UK, improving the customer experience.
Operating in the City of London, FCMB Bank (UK) Limited started operations as a € 50,000 BIPRU investment firm in September 2009 with CSL Stockbrokers (another subsidiary of FCMB Group Plc), providing the services of “ reception and transmission ”of orders from institutional clients for Nigerian listed securities. Following the modification of its authorization on September 27, 2013, the Bank began accepting wholesale deposits in various segments.
See photos from the launch below: