CMB Bank (UK) Limited, an independently

incorporated subsidiary of First City Monument Bank
Limited (which is a member of FCMB Group Plc),
has introduced its Personal and Business banking
proposition in London, United Kingdom and Lagos,
Nigeria at an impressive ceremony attended by the
top echelon of the business community within and
from outside the country.
The development follows the latest variation of
permission obtained by the United Kingdom-based
Bank to extend its services to include retail
(investments) for individuals and business
enterprises. This is in addition to the existing
wholesale deposit taking activities, foreign
exchange, treasury, corporate banking and trade
finance offerings to corporate and institutional
customers of FCMB Bank (UK) Limited.
The variation of permission was granted by the
Prudential Regulation Authority, the financial
services regulatory body of the United Kingdom,
and it became effective on June 8, 2018.
The Personal and Business banking proposition of
FCMB Bank (UK) Limited is anchored on the Bank’s
London Leverage and Africa Awareness. This will
enable the financial institution deliver its promise of
being the Corporate and Private Bank for African-
oriented entrepreneurs, investors and professionals
across all their banking needs.
The Group Chief Executive of FCMB Group Plc, Mr.
Ladi Balogun, explained at the ceremony that the
launch of FCMB Bank (UK) Limited’s personal and
business banking proposition is as much a
statement of substance as it is one of intent.
According to him, “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”.
Also speaking, the Chief Executive Officer of FCMB
Bank (UK) Limited, Mr. James Benoit, said, “with
the extension of its services, the Bank is now 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.’’.
He added that the Bank will be expanding its
premises and entering into partnerships with
Fintech providers to open up service options to its
clients and enhance their overall banking experience.
Dignitaries at the launch commended the Board and
Management of FCMB Group Plc for going the extra
mile in ensuring the institution has a very strong
presence in the United Kingdom through FCMB
Bank (UK) Limited, which will go a long way to
boost individual and business transactions between
Nigeria and the United Kingdom, thereby enhancing
customer experience.
Operating in the City of London, FCMB Bank (UK)
Limited began its operations as a BIPRU €50k
investment firm in September 2009 with CSL
Stockbrokers (another subsidiary of FCMB Group
Plc), providing the services of “receiving and
transmitting” institutional client orders for Nigerian
listed securities. Subsequent to the variation of its
permission on September 27, 2013, the Bank
commenced wholesale deposit taking activities
across various segments.
See pictures from the launch below:
FCMB Bank (UK) Limited
FCMB Bank (UK) Limited
Launches Personal and
Business Banking
Proposition to Deepen
Inclusiveness
By BusinessNews Staff on August 1, 2018