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FCMB to establish new MFB

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Group Managing Director/Chief Executive Officer, First City Monument Bank Limited, Ladi Balogun (left);  Chairman of FCMB Group, Dr. Jonathan Long; and Company Secretary, Mrs Olufunmilayo Adedibu, at the third yearly general meeting of the bank in Lagos.

Group Managing Director/Chief Executive Officer, First City Monument Bank Limited, Ladi Balogun (left); Chairman of FCMB Group, Dr. Jonathan Long; and Company Secretary, Mrs Olufunmilayo Adedibu, at the third yearly general meeting of the bank in Lagos.

Shareholders approve bank’s N1.98b total dividend

FCMB Group Plc has unfolded plans to float a micro finance bank (MFB) as a full subsidiary in order to increase its business activities and enhance visibility.

The Group Managing Director/Chief Executive Officer of FCMB Limited, Ladi Balogun stated this during the bank’s third yearly general meeting in Lagos at the weekend.

Besides, shareholders at the meeting approved the total dividend of N1.98 billion declared by the company for the financial year ended Dec. 31, 2015. The dividend translated to 10k per share against 25k paid in 2014.

The bank chief explained that the micro finance bank would enable the bank to increase its activities the rural areas.

According to him, the bank would not establish more new branches but would use the MFB and Mobile banking system to attract more unbanked into the business and achieve its financial inclusion.

Balogun revealed that the bank had embarked on a repositioning exercise that would boost performance in 2016, noting that improvement in its operating efficiency would be the major focus in 2016.

He pointed out that the group would focus on strong capital, cost efficiencies, capital optimisation and accelerated growth in retail business, stating that its subsidiaries were well positioned to deliver cutting edge solutions that would provide the best customer experience in their respective target markets.

He added that the bank plans to achieve about nine per cent in cost savings in the current financial year.

“We will continue to intensify our retail banking investment drive particularly in alternative channels such as ATM, POS and agent banking. We will seek to achieve similar levels of revenue growth as we attained in 2015.
“However, with a focus on alternate channels, costs will remain relatively flat hence profitability in retail banking will rise significantly,” he added.



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