FCMB Group has successfully completed the issuance of a Fixed rate bond

FCMB Group Plc, a leading financial services group in Nigeria, was established in 1977 and became a public limited liability company in 2004. The Group has its headquarters in Lagos and a presence in all 36 states of Nigeria, as well as in the United Kingdom and a subsidiary in Ivory Coast.


Over the years, FCMB Group has built a solid reputation as a trusted provider of innovative and customer-focused financial solutions in retail banking, corporate banking, investment banking, and asset management.


In its latest achievement, FCMB Group has successfully completed the issuance of a N20,686,000,000 Perpetual 16% Fixed Rate Resettable NC5.25 Additional Tier I Capital Subordinated Bonds, under its N300,000,000,000 Debt Issuance Programme. This marks the Group's first non-sharia local currency AT1 instrument issued in Nigeria and the Group's maiden issuance of its N300 billion funding programme in the Nigerian Capital Markets to support its next phase of growth.


The offer was well received by the market, with active participation from a diverse range of high-value investors, including Corporates, other Financial Institutions, Trustees, and high net-worth individuals. The successful Series I Bond issuance highlights the Group's track record of innovation across a broad spectrum of the Nigerian financial service industry and is in line with the Central Bank of Nigeria's desire for financial sector stability and well-capitalized banks.


The net proceeds from the Series I Bond will be invested in the Group's Banking Subsidiary - First City Monument Bank Limited - enhancing the Bank's Tier 1 and total capital adequacy ratios and enabling the Group and the Bank to expand its support for the growth and development of the Nigerian economy. This move is expected to boost FCMB Group's financial condition and provide a solid foundation for its future growth and expansion plans.

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