FCMB transits into Holding Company structure

First City Monument Bank (FCMB) plc has finally transited into a Holding Company structure, having completed all the regulatory and legal processes required to set up a Holding Company to manage the governance of First Monument Bank plc and its subsidiaries.

The Holding Company will be known as FCMB Group plc. FCMB Group Plc has also been listed on the stock exchange with the ticker symbol FCMB while the 19,041,068,033 ordinary shares held by the bank’s 529,632 shareholders have also been transferred and listed.

Under the Holding Company structure, share holding in First City Monument Bank (FCMB) plc have been exchanged one-for-one for FCMB Group plc shares, effectively making them the owners of FCMB Group plc, in the same ratio as previous holding in the bank.

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Through ownership of FCMB Group plc, shareholders will continue to own all the subsidiaries 100percent, including First City Monument Bank plc and its subsidiaries (FCMB Capital Markets Limited, CSL Stockbrokers Limited, Credit Direct Limited, FCMB (UK) Limited, Arab Gambian Islamic Bank Limited, First City Asset Management Limited and CSL Trustees Limited).

FCMB Group plc will have three wholly-owned direct subsidiaries – First City Monument Bank plc, FCMB Capital Markets Limited and CSL Stockbrokers Limited while the other entities in the Holding Company will report into the three direct subsidiaries.

In a release issued by the marketing and communications department of the bank, it was confirmed that four out of the non-permissible / non-strategic subsidiaries: City Securities (Registrars) Limited, FinBank Capital Limited, FinBank Homes Limited and FinBank Securities & Asset Management Limited have been sold, subject to regulatory approval.