FCMB UK gets approval for personal, business banking
The member of FCMB Group Plc, at an impressive ceremony attended by the top echelon of the business community, unveiled the strategy, which follows the latest variation of permission obtained by the United Kingdom-based bank to extend its services to retail (investments) for individuals and business enterprises.
This is in addition to the existing wholesale deposit taking activities, foreign exchange, treasury, corporate banking and trade finance offerings to corporate and institutional customers of FCMB Bank (UK).
The variation of permission, which was granted by the Prudential Regulation Authority, the financial services regulatory body of the United Kingdom, became effective June 8, 2018.
The banking proposition of FCMB Bank (UK) is anchored on the its London leverage and Africa awareness and will enable the financial institution deliver its promise of being the corporate and private bank for African-oriented entrepreneurs, investors and professionals across all their banking needs.
The Group Chief Executive of FCMB Group Plc, Ladi Balogun, explained that the launch of FCMB Bank (UK) Limited’s banking proposition is as much, a statement of substance, as it is one of intent.
According to him, “our successful UK platform has proven to be of great importance to the Nigeria stockbroking and international trade finance activities of FCMB Group.
“Leveraging our deep networks in Africa’s biggest economy, the importance of a London presence to many of our personal and business banking customers, and technological innovation, we welcome this opportunity to meaningfully serve more of our customers and grow the value of our UK franchise”.
The Chief Executive Officer of FCMB Bank (UK) Limited, James Benoit, said “with the extension of its services, the lender is now able to receive deposits from both customer segments, as well as provide them loans to enable them meet their financing needs.
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