FCMB Group PLC

Lagos: Tuesday, February 14, 2012 - First City Monument Bank (FCMB) Plc has appointed a new Management Team for the acquired FinBank led by Mr. Peter Obaseki as Managing Director, Chief Executive Officer. This appointment comes following the recent approval by the Securities and Exchange Commission of the acquisition of FinBank. His appointment takes immediate effect.

Mr. Obaseki holds a BSc and MSc in Computer Science as well as an MBA in Finance from the University of Lagos. He previously worked with KPMG Ani & Ogunde as a Management Consultant focused on financial institutions before moving into the banking industry. He has over 24 years' banking experience and joined FCMB in 1997. He was appointed into FCMB’s Board of Directors in 2008 and until the recent appointment as the Chief Executive of FinBank Plc was FCMB's Executive Director in charge of Transaction Services. He is an associate of the Chartered Institute of Bankers and sits on it’s international trade faculty board.

In order to expedite the integration, several new appointments have been made including a Chief Financial Officer and Integration Director, Mr. Patrick Iyamabo (previously head of Strategy, Mergers and Acquisitions at FCMB) and Mrs. Funmi Adedibu as Head, Legal Division. To ensure continuity in management, Mr. Godwin Ize-Iyamu, Executive Director, formerly in charge of Finance and Strategy at FinBank remains, but in a new capacity as Executive Director, South Bank, while Mr. Adam Nuru, remains as Executive Director, North Bank.

FCMB also announced the appointment of Dr. John Udofa as the Chairman of the new Board, Mr. Ladi Balogun (GMD/CEO of FCMB), Mr. Tola Mobolurin, Alhaji Mustapha Damcida, Mr. Segun Odusanya and Mrs. Olajumoke Bakare as Non-executive Directors.

With these appointments, FCMB is poised to ensure a swift integration that will bring significant and sustained benefits to all stakeholders. The accelerated programme should see full operational integration concluded in the 1st half of 2012.

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