Published: November 27, 2012
New holding company joins exchange to meet central bank regulation.
FBN Holdings has listed on the Nigerian Stock Exchange (NSE) following the delisting of FirstBank of Nigeria, its subsidiary.
The holding company – which also owns FBN Capital, FBN Life Assurance, FBN Insurance Brokers and FBN Microfinance Bank – was established to comply with new regulation from the Central Bank of Nigeria requiring the separation of commercial banking businesses and other financial services businesses.
At an event to announce the listing, CEO Bello Maccido said shareholders of the holding company would now benefit from all businesses in the group.
“The holding company structure is designed to enhance the group’s competitiveness, streamline and coordinate various operations across non-bank financial services, and further exploit opportunities for synergies between subsidiaries,” he added. “What we now have is a structure that has the potential to do much more for our customers and protect and preserve shareholders’ value through retention of good investments.”