By InvestAdvocate

Lagos (INVESTADVOCATE)-First City Monument Bank Group Plc Monday listed as a holding company (HoldCo) on the Nigerian Stock Exchange (NSE) in Lagos Nigeria as it targets 25 percent (25%) loan book growth in 2013.

This is coming on the heels of the Central Bank of Nigeria’s (CBN’s) directive in 2010 that banks in Nigeria should divest their non-banking businesses from its subsidiary or retain them under the HoldCo structure.

Following this, FCMB proposed a restructuring of its businesses into a HoldCo structure and secured CBN’s approval, thereafter shareholders of the bank approved the Scheme of Arrangement to implement the HoldCo structure at a court ordered meeting in December 2012.

Ladi Balogun, Group Managing Director (GMD) of the FCMB Group at the Facts behind the Listing of the HoldCo on the Nigerian Bourse said with this listing, each shareholder of FCMB Plc (the bank) received one ordinary share in FCMB Group Plc (Hold Co) in exchange for every one ordinary share held in FCMB Plc as at 21 June 2013.

Balogun affirmed shareholders of FCMB Plc received a total of 19,041,068,033 ordinary shares in FCMB Group Plc credited as fully paid in exchange of for 19,041,068,033 ordinary shares in FCMB Plc held by them.

In the same vein, the bank has projected 25 percent (25%) growth in loan book this financial year. “We are targeting over 25% forecast loan growth in 2013.” Balogun said.

According to him, average Profit After Tax (PAT) growth is on course to exceed 35% per annum (PA) from 2012 to 2015.

Part of the HOldco outlook includes improving net interest margins from accelerated retail lending and current and savings accounts growth, strong retail non-interest income growth (50% Year-on-Year) inspite of COT reduction, sanitizing risk asset portfolio with declining loan loss expenses.

Others are strong rebound of corporate banking and increasing contribution from investment banking.

With this listing, FCMB Group has emerged the fourth (4) bank to list as HoldCo on the Nigerian Bourse, Stanbic IBTC HoldCo, FBN HoldCo and United Bank for Africa HoldCo