FCMB Bank (UK) Limited has obtained a variation of its banking permission to include retail investment services, in an approval by the Prudential Regulation Authority, which became effective on June 8.
With the approval, individuals and business enterprises who seek to transact their banking services between Nigeria or other African countries and who desire to maintain a banking relationship in the City of London now have the opportunity to do so.
Based on this consent, the bank is now able to extend the level of excellent banking services to its corporate and institutional customers who currently receives High Net Worth Individuals and Small and Medium Business Enterprises.
The Chief Executive Officer of the bank, James Benoit, said the approval and extension of services is a major achievement, which will enable the lender deliver its promise of being the corporate and private bank for African-oriented entrepreneurs, investors and professionals across all their banking needs.
Benoit disclosed that the bank will be expanding its premises and entering into partnerships with Fintech providers to open up service options to our clients and enhance their overall banking experience.
However, the Bank has completed arrangements to formally launch its personal and business banking proposition on the 19th July 2018 in London and subsequently on 31st July 2018 in Lagos.
The Chief Risk Officer of the bank, BC Achary, said: “With the extension of its services, the bank is 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.”
The Chief Executive Officer, FCMB Group Plc, Ladi Balogun, said: “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.”
Head, Personal and Business Banking, Mrs. Stella Okuzu, said: “As a customer-centric business, both events will enable the bank to meet with prospective customers, share the bank’s personal and business banking proposition and obtain first-hand feedback on their banking needs and requirements”.
Source: G Business