Proshare Logo
   Market Date: 23-04-2014   
Agriculture All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs STOCKPICKS Taxation Telcos Travel & Tours Unlisted Stocks World of Business

FCMB to originate N140bn mortgages in five years

Category: Archives


  Read (1446)
FCMB to originate N140bn mortgages in five yearsThe Managing Director, First City Monument Bank Plc, Mr Ladi Balogun, has said that the bank intended to originate over N140bn of mortgages over the next five years. He said multilateral and long-term funding from the international and domestic capital markets would fund the scheme. In a statement made available to our correspondent on Wednesday, Balogun said the bank was already at an advanced stage of securing the first N20bn of dedicated funding for the mortgage scheme. The mortgage proposal is among the segment of financial services the bank has chosen to participate in. On the corporate segment, he said it would be on high margin low risk activities such as cash management, foreign exchange and treasury services, project and structured trade finance and investment banking services through the FCMB Capital Market Limited. According to him, “We will continue to leverage on alliances and the relationships with our affiliate-City Securities Limited as channel partners and a means of enhancing customer loyalty through cross selling. We will also continue to develop alliances particularly with world-class international partners that will add skill, distribution and even greater financial capacity to our proposition.” In the consumer segment, which is expected to account for not less than 50 per cent of the bank’s profits by 2011, Balogun said particular focus would be on mortgage lending, other consumer loans and wealth management. He added that, “A major alliance entered into soon after the end of the financial year, is the Memorandum of Understanding entered into with Sabre Capital Worldwide, a private equity and management exercise boutique focused primarily on consumer banking. This relationship has now crystallised into a substantive agreement, which will see Sabre Capital arranging significant capital to support our consumer business, identifying world-class talent to drive this side of business and providing strategic and corporate governance support over a period of five years.” Balogun also declared that a detailed five-year consumer banking strategic plan had been developed with the support of Sabre Capital and it is expected that the partnership with FCMB would become the leading consumer banking franchise in the country.-punch

Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Archives

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint