Proshare Logo
   Market Date: 23-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections 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 Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

FirstBank Holding Plc (FBNH) Lists Shares on the NSE

Category: Capital Market

  Read (4315)
FirstBank Holding Plc (FBNH) Lists Shares on the NSE

Thursday, November 22, 2012 4:57 PM / FirstBank

FirstBank Announces the Adoption of Holding Company Structure and Subsequent Listing of FBN Holdings Plc shares on the NSE

First Bank of Nigeria ("FirstBank" or the "Company" or "Group") announces that, in compliance with regulatory requirements made by the Central Bank of Nigeria, the Company will delist from the Nigerian Stock Exchange ("NSE") after the market closes on Friday, 23 November. The shares will subsequently be replaced by shares of FBN Holdings Plc and will commence trading on the NSE under the new ticker FBNH when the market opens on Monday, 26 November.

The holding company structure was ratified through shareholder votes at the Extraordinary General Meeting held on 24 September 2012 and the relevant approvals have been obtained from the regulatory authorities and the NSE.

The adoption of the holding company structure aligns the ownership and operation of the Bank's subsidiaries and businesses within the current CBN regulatory framework, which require the separation of commercial banking business from other financial services businesses. This structure also creates an operating model to profitably grow the Group's presence in the market for commercial banking and non-banking financial services. In addition, this enables the Group to streamline its businesses by aligning and clustering similar or overlapping businesses under four broad business groups, namely;[1]Commercial Banking,[2]Investment Banking & Asset Management, [3]Insurance and [4]Other Financial Services.

The proposed listing will not alter the current beneficial shareholding structure of the Group. Existing shareholders will surrender their shares in FirstBank in exchange for receiving ordinary shares in FBN Holdings equal to the number of shares held in FirstBank. The issued and fully paid-up share capital of FBN Holdings will be 32,632,084,345 ordinary shares of 50 kobo each (?16,316,042,172.50) which is the same as the current issued and paid-up capital of First Bank of Nigeria Plc.

Commenting on the new ownership structure, FirstBank's GMD, Mr. Bisi Onasanya stated:

"The new structure demonstrates the Group's ambition to be at the forefront of positive corporate governance developments. This structure provides significant benefits to the Group by aligning and clustering similar overlapping businesses as well as streamlining governance controls at the Group level. Ultimately, the holding company structure is designed to enhance the Group's overall competitiveness, and further explore opportunities for synergies between various subsidiaries."

- ENDS -

[1] Commercial Banking business group has First Bank of Nigeria Limited, FBN Bank (UK) Limited, FBN Bureau de Change Limited, Banque International De Credit (BIC), First Pension Custodian Limited and FBN Mortgages Limited.

[2] Investment Banking and & Asset Management consist of FBN Capital Limited, First Trustees Nigeria Limited, First Funds Limited, FBN Securities Limited.

[3] Insurance business group houses FBN Life Assurance Limited and FBN Insurance Brokers Limited

[4] Other Financial Services has FBN Microfinance Bank Limited.


Click Here To Download Full Report

Tags: FBN,  First Bank of Nigeria,  NSE,  Nigerian Stock Exchange,  FBNH,  CBN,  Investment Banking & Asset Management,  GMD,  Mr. Bisi Onasanya,  FBN Bank (UK) Limited,  Bureau de Change Limited,  Banque International De Credit,  BIC,  First Pension Custodian Limited,  FBN Mortgages Limited, 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Capital Market

About Us

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

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
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

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

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

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

CBN Governor 2014