Proshare Logo
   Market Date: 20-10-2014   
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 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

FCMB, HSBC sign $100m structured debt deal

Category: Capital Market


  Read (1681)
FCMB, HSBC sign $100m structured debt deal

HSBC Bank Plc has successfully executed a privately placed, non-secured structured debt instrument totalling $100m with First City Monument Bank Plc.

It was learnt that the facility was part of a deliberate strategy by FCMB to fund ambitious growth plans in Nigeria through a combination of international debt and equity offerings.

In addition, the bank expects to raise over $1bn in medium-to-long-term funding over the next 18 months.

According to the partners in the deal, this is the first agreement of its kind with an African bank in the international capital markets.

The representative of HSBC at the agreement signing event, Mr. Zain Latif, said, “HSBC is delighted to have been involved in this landmark and innovative transaction with FCMB. This deal allows FCMB to enter the international capital markets with a bespoke financing structure.

We look forward to working with FCMB as it embarks on its ambitious growth strategy for Nigeria and the broader region.”

A top official of the bank told our correspondent on Wednesday that FCMB planned to use the facility for project financing in the real estate and energy sectors, as well as to focus on the expansion of consumer lending.

“With FCMB’s recent focus on retail finance, a new growth trajectory has been created, making it one of the fastest growing banks in Nigeria in terms of assets, deposits, profitability and customer acquisition,” he said.

Following the agreement, FCMB plans to further establish itself as a strong contender in the international market.

The bank’s Managing Director, Mr. Ladi Balogun, explained, “This agreement with HSBC demonstrates a high level of confidence in FCMB by the global investment community, and an understanding of the growth potential we can achieve. We can now further expand our offering in the Nigerian and African markets”.

In the last financial year, FCMB signed long-term agreements totalling $175m with international investors, including Helios Investment Partners LLP and Soros Capital.

The clear demonstration of the global investment community’s support and confidence in FCMB and its aggressive growth strategy is expected to ensure that the bank builds strong relationships with the established parties.

This will allow them to channel further portfolio investments into the Nigerian economy, focusing particularly in the bonds, structured debt, real estate, mortgage-backed securities and equity markets.- Punch



Tags: , 



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
Newsletter
Contact Us
Volunteer Program
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