August 6, 2024/FSDH Research
FSDH Capital Limited is pleased to inform you that FCMB Group Plc’s (“FCMB Group” or the “Group” or the “Issuer”) Offer for Subscription of 15,197,289,219 ordinary shares at ₦7.30k per share (the “Offer”) is NOW OPEN to the general investing public. The Offer is scheduled to close on Wednesday, September 4, 2024.
FCMB Group Plc is a diversified financial services group that engages in the provision of banking and financial services to its corporate and individual customers through its subsidiaries. The Group’s origins date back over 45 years, evolving from its investment banking roots, through the establishment of First City Merchant Bank, the first independent merchant bank founded by a Nigerian – Otunba Michael Olasubomi Balogun, into a financial service holding company serving corporates, SMEs, and individuals through a network of 200 branches and cash centres in each of the 36 states. The Group has over 13.2 million customers, and is divided broadly into four (4) business groups with 7 principals and 2 tertiary subsidiaries:
- The Banking Group: FCMB Limited, FCMB (UK) Limited, and FCMB Microfinance Bank Limited;
- Consumer Finance: Credit Direct Limited;
- Investment Banking: FCMB Capital Markets Limited and CSL Stockbrokers Limited; and
- Investment Management: FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited.
The Group’s purpose is to foster inclusive and sustainable growth in the communities it operates in. Its vision is to be the premier financial services group of African origin. As of December 31, 2023, the Group had total assets of ₦4.4 trillion, including ₦1.8 trillion in loans and advances; ₦3.1 trillion in customer deposits, and ₦462.6 billion in shareholders’ funds. During the same period, it achieved ₦516.4 billion in gross earnings and delivered an ROAE of 25.2%.
Proceeds from the equity capital raise will be used in compliance with the CBN’s guidance to shore up the paid-up capital of FCMB Limited. Please see below a summary of the Offer terms:
For more information on the Offer and application procedure, please refer to the documents listed below, which can be accessed via FCMB Group Plc Public Offer Link
- Offer Prospectus; and
- Application Form
