First Securities Discount House Limited has announced plans to commence its merchant banking operations in January 2013.
The decision followed the final approval received by the discount house from the Central Bank of Nigeria to become FSDH Merchant Bank Limited.
The company, in as statement on Tuesday, noted that the company would cease operations as a discount house and begin to operate as a merchant bank, thus making it one of the first merchant banks to be awarded a licence in Nigeria since the repeal of universal banking by CBN in 2010.
The company had, during its annual general meeting, expressed optimism of expanding its operational scope and take advantage of opportunities in securities trading, asset management and investment banking, if its merchant banking license was approved by the Central Bank of Nigeria.
The statement added that the company had decided to adopt the name FSDH Merchant Bank Limited, in its bid to retain strong brand essence and equity.
It said, "FSDH is excited by this development as it will enable the company to offer a broader range of services to its clients, thereby deepening its client relationships and expanding its frontiers. Whilst the company does not underestimate the challenges that it will face, it is nevertheless confident that with its corporate culture of customer orientation, high performance, image building, collaboration and learning, all obstacles that may come its way can be surmounted.
"FSDH is particularly grateful to the Central Bank of Nigeria, in respect of this approval, and believes that this is a strong indication of the apex bank's belief in the company's capabilities.
The firm, however, reiterated its commitment to stakeholders noting that they would enjoy a continued experience with FSDH Merchant Bank Limited.
It could be recalled that FSDH began operations as the first discount house in Nigeria, delivering expert financial services to its select clientele, thereby assisting them in achieving their financial goals.
