FCMB Bank (UK) Limited, an independently incorporated subsidiary of First City Monument Bank Limited, has introduced its personal and business banking proposition in London, United Kingdom and Nigeria.
The unveiling of the proposition, which was sequel to the latest variation of permission obtained by the United Kingdom-based bank to extend its services to include retail (investments) for individuals and business enterprises, was done at a ceremony in Lagos.
The new initiative is complementary to the existing wholesale deposit taking activities, foreign exchange, treasury, corporate banking and trade finance offerings to corporate and institutional customers of the lender.
The variation of permission, which became effective in June this year, was granted to the lender by the Prudential Regulation Authority, the financial services regulator in the United Kingdom.
According to the management of the bank, the Personal and Business banking proposition is anchored on the Bank’s London Leverage and Africa Awareness and it will enable it 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, FCMB Group Plc, Mr. Ladi Balogun, noted that the group’s “successful UK platform has proven to be of great importance to the Nigeria stock broking 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 seasoned banker added.
Commenting on the approval of the Personal and Business banking proposition, the Chief Executive Officer, FCMB Bank (UK) Limited, James Benoit, explained that “with the extension of its services, the bank is now able to receive deposits from both customer segments as well as provide them bank loans to enable them meet their financing needs.
“The deposit products on offer include current, notice savings and fixed deposit accounts at competitive rates; while its lending products include Buy-to-Let Mortgage Loans enabling target customers to acquire a piece of London and purchase property to include in their investment portfolios,” he said.
Benoit also hinted that the bank would be expanding its premises and entering into partnerships with Fintech providers to open up service options to its clients and enhance their banking experience.