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FCMB subsidiaries clinch retail, equity awards

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Two subsidiaries of FCMB Group Plc- First City Monument Bank (FCMB) and First City Asset Management Limited (FCAM), have emerged as the, ‘’Most Improved Retail Bank in Nigeria’’ and ‘’Best Managed Fund in Equity’’, respectively, at this year’s BusinessDay Banking Awards held in Lagos.

With the development, the number of awards in the kitty of the banking group has received new boost, as it also emerged the “Most Customer Friendly Bank” at the same award in 2015.

The awards, according to the bank, is a confirmation of the giant strides being recorded by FCMB Group and its subsidiaries in the Nigerian financial services industry as well as various initiatives in the areas of service, products offering, operations and value addition.

While First City Monument Bank (FCMB) is the retail, commercial and corporate banking arm of the Group, First City Asset Management Limited (FCAM) is the investment management services arm of CSL Stockbrokers Limited, another subsidiary of the Group.

According to the organisers, FCMB was adjudged as the, ‘’Most Improved Retail Bank in Nigeria’’ as a result of its remarkable transformation from an investment bank to become a leader in the retail banking segment in less than 10 years.

The bank has increased the number of its branches nationwide to over 200, while its alternate channelsprovide prompt, secure and convenient banking services, among other benefits to millions of customers.

On the conferment of the award as ‘’Best Managed Fund in Equity’’ on FCAM, the committee said that the company’s flagship product, Legacy Equity Fund, had witnessed consistent growth in unit price and net asset value to become the best performing, predominantly equity-based mutual fund in Nigeria.

The Executive Director, Retail Banking of FCMB, Mr. Olu Akanmu, said: “We are proud to have come tops as the Most Improved Retail Bank in Nigeria at the 2017 edition of BusinessDay Banking Awards. This goes a long way to confirm our unequalled commitment in offering exceptional quality service to our teeming customers and the Nigerian public.

“Our retail banking capability enables us to offer excellent and value-added services to millions of Nigerians directly and indirectly, whilst also supporting their personal and business aspirations.  We dedicate this award to our customers who have made FCMB what it is today’’.

Akanmu assured that, ‘’we will continue to expand our reach and upscale the simple, helpful and reliable banking services we are known for at all our touch points, which are driven by excellent technology and inclusive lending practices’’.

Also, the Chief Executive Officer of FCAM, James Ilori, said: “We dedicate this award to investors in Legacy Equity Fund, and thank them for believing in our ability to generate superior return for unit holders, safely.

Legacy Equity Fund is a well-diversified portfolio of high quality stocks, with relatively lower volatility. The Fund seeks to achieve capital growth and generate stable income over the long-term, and is a good hedge against inflation’’.


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