Lagos, Nigeria, Friday, February 10, 2012 - Following the announcement on 18 July 2011 regarding signing of the Transaction Implementation Agreement and the approval of the Ordinary shareholders of FinBank Plc (“FinBank”) at the Court Ordered Meeting on 29 September 2011, the Boards of Directors of First City Monument Bank Plc (“FCMB”) and FinBank are pleased to announce that requisite approvals and pre-conditions regarding the recapitalisation and acquisition of FinBank, including the sanction of the Federal High Court of Nigeria and the approvals of the Central Bank of Nigeria, the Nigerian Stock Exchange and the Securities & Exchange Commission, have now been fulfilled. Consequently, FCMB has acquired 100% of FinBank.

With this development, FinBank (together with its subsidiaries) is now a subsidiary of FCMB. This acquisition marks the finalisation of the recapitalisation process and allows for value creation as well as realisation of the synergies which were identified by the Boards of both banks. The business combination will ultimately lead to over 100% increase in FCMB's branch network and customer base, thus creating a robust platform from which to deliver first-class retail growth and strengthened commercial banking business with enhanced coverage and footprint. It will also lead to the emergence of a more formidable banking institution with a highly liquid balance sheet and enhanced career opportunities for staff of both organisations. Customers will benefit from the greater convenience of the increased branch network, broader product offerings and enhanced financial capacity from the enlarged entity.

FCMB's GMD, Ladi Balogun said: “The approvals now pave the way for us to accelerate both our integration and merger plans, and also help fast track our strategy execution, improving our competitive position and enhancing the sustainability of our future profitability. In addition to benefitting shareholders and customers, the enlarged institution will also create unique opportunities for career growth and enlarged responsibilities for many staff of both banks”.

FinBank's GMD, Suzanne Iroche said: “This is a major milestone towards securing the future of FinBank and all its stakeholders. The business combination will provide customers and the general public with a rich choice of products and services across the financial services spectrum from retail to investment banking. We are excited about this transaction as the new enlarged entity will bring benefits to customers, staff and shareholders alike. We thank all stakeholders for their support in ensuring the successful outcome of this transaction”.

The Boards of Directors of FCMB and FinBank wish to express their sincere appreciation to the Customers, Employees and Shareholders as well as Regulators and Government institutions that have shown their unwavering support through FinBank's recapitalisation and the wider Nigerian banking system reform process.

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