The evolution of the group now known as FCMB Group Plc began with a stock-broking firm called City Securities Ltd, which was established in 1977. In 1982, a second company, called First City Merchant Bank was licensed, becoming the first local bank in Nigeria to be established without government support. In 2001, there was a name change from First City Merchant Bank to First City Monument Bank (FCMB), following FCMB’s transformation into a universal bank. In 2004, a private placement of shares raised over N7bn, followed by a conversion into a public liability company and the company’s listing on the Nigerian Stock Exchange (NSE) in the same year. Through an initial public offering in 2005, FCMB raised over N16bn towards the then N25bn share capital target stipulated by the Central Bank of Nigeria (CBN), becoming one of only 25 banks that were able to achieve this target. Also, in 2005, FCMB acquired Co-operative Development Bank, Midas Bank and Nigerian American Bank (former Nigerian subsidiary of Bank of Boston). From 26 branches in 2005 (pre-consolidation), the bank grew to 150 branches by 2007.
The year 2007 also saw another public offering which increased shareholder funds from N31bn to N133bn. FCMB completed the acquisition of FinBank Plc in February 2012 and subsequently merged with FinBank in October 2012. In June 2013, FCMB Group Plc - a non-operating financial holding company, regulated by the Central Bank of Nigeria (“CBN”) - was formed in response to the CBN’s regulation on the scope of banking activities and ancillary matters (“Regulation 3”). The group restructuring which followed, resulted in FCMB Group Plc becoming the holding company for FCMB Plc and its subsidiaries. Shareholders of the erstwhile FCMB Plc were also migrated to FCMB Group Plc in the same ratio as their holdings in FCMB Plc. FCMB Plc was, thereafter, delisted and taken private, effectively becoming a wholly owned limited liability subsidiary of FCMB Group Plc.
Today, FCMB Group Plc is a bank-led financial services group, headquartered in Lagos, Nigeria, with operating companies divided along three business groups – Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited) and Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited). Listed on the Nigerian Stock Exchange (NSE) with the ticker symbol (FCMB), FCMB Group Plc has 19,802,710,781 ordinary shares held by over 517,000 shareholders.
First City Monument Bank Limited, the flagship company, has approximately 7.1 million customers and 206 branches in Nigeria and a banking subsidiary in the United Kingdom through FCMB Bank (UK) Limited (which is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA in the United Kingdom).
FCMB Group Plc’s strategy is to position itself as the premier financial services group of African origin. At the centre of its businesses lies a talented work-force that drives a comprehensive bouquet of financial services including micro-lending, asset management, stock-broking, trusteeship and custodial services, foreign exchange, personal banking, corporate and commercial banking, investment banking (including financial advisory, debt & equity capital markets, project & structured finance transactions) and transaction banking products delivering cash management, trade and liquidity management solutions to corporate, commercial, public sector, financial institutions and small & medium-scale enterprises..