First City Monument Bank Plc has announced the completion of the transformation into a Holding Company structure.
The bank, in a statement on Tuesday, said it had completed all the regulatory and legal processes required to set up a HoldCo to manage the governance of FCMB and all its subsidiaries.
The statement added that the holding company would be known as FCMB Group Plc.
It explained that under the HoldCo structure, shareholding in FCMB Plc would be exchanged on a one-for-one basis for FCMB Group Plc shares, effectively making them the owners of FCMB Group Plc, in the same ratio as previous holding in the bank.
The statement said, "Through ownership of FCMB Group Plc, shareholders will continue to own 100 per cent of all the subsidiaries, 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."
The statement added that FCMB Group Plc had also been listed on the Nigerian Stock Exchange while the 19,04 million ordinary shares held by the bank's 529,632 shareholders had also been transferred and listed.
It explained 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.
"The sale of FinBank Insurance Brokers Ltd, FinBank Insurance Company Ltd and Arab Gambian Islamic Bank Limited is ongoing while Fin Registrars Limited has been liquidated," it said.
In a statement issued by the Marketing and Communications Department of the bank, it was confirmed that the holding company and the different subsidiaries would each function as separate and distinct companies with a separate Board of Directors, a chief executive or managing director and a chairman.
The Board of Directors of the FCMB Group Plc and those of the subsidiaries have been duly constituted.
Mr. Peter Obaseki has been formally appointed Managing Director of FCMB Group Plc, and will report to the Board of Directors of FCMB Group Plc, which will be chaired by Dr. Jonathan Long.
"Other members of the Board of FCMB Group Plc include Mr. Bismarck Rewane, Mr. Ladi Balogun, Alhaji Mustapha Damcida, Mr. Tope Lawani, Mr. Olusegun Odubogun, Mr. Olutola Mobolurin and Mr. Martin Dirks," the statement said.
