FIRST CITY MONUMENT BANK LIMITED
Status: Approved investmentWhy disclosure?
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In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
First City Monument Bank Limited (“FCMB") is a commercial bank with headquarters in Lagos, Nigeria. It was founded in 1977 as a brokerage company called City Securities Limited before gaining a banking license in 1983. FCMB is the primary subsidiary of the FCMB Group Plc (the “Group”), a full-service banking group listed on the Nigerian Stock Exchange. As at 31 December 2018, the Group had 205 branches, 11 cash centres, 772 ATM terminals and 16,359 POS terminals. The bank provides a wide range of banking and financial services via its seven business segments: Personal, SME, Commercial, Corporate, Institutional, Investment and Treasury & Financial Markets.
What is our funding objective?
The proceeds of the loan will be used to support FCMB’s capital position (Tier-II), thereby allowing the institution to roll out its strategy, focusing more on SME, retail, agri and female entrepreneurs.
Why do we fund this investment?
FMO will provide Tier II financing in order to strengthen the capital position of the client. FCMB can leverage on this facility to attract more funding to finance corporates and SMEs in Nigeria’s real economy, thereby enabling those companies to invest in their business, create jobs and contribute to the overall country economic development and growth.
What is the Environmental and Social categorization rationale?
FCMB is classified as E&S Category A in accordance with FMO’s Policy. The bank has a significant exposure in its portfolio to clients active in the oil & gas and power sector and substantial project finance exposure. FCMB has developed an ESMS and integrated the E&S process successfully into the credit flow in the past years. With this new facility, FMO will continue to assist FCMB in enhancing the ESMS: as part of the agreement with FCMB, FCMB will a.o. implement the E&S Tracking MIS for a consistent application of the ESMS and ensure effective monitoring.
More investments
| Date | Total FMO financing |
|---|---|
| 10/3/2023 | USD 30.00 MLN |
| 7/10/2020 | USD 10.00 MLN |
| 7/10/2020 | USD 25.00 MLN |
- Website customer/investment
- http://firstcitygroup.com
- Region
- Africa
- Country
- Nigeria
- Sector
- Financial Institutions
- Effective date
- 12/20/2019
- Total FMO financing
- USD 20.00 MLN
- Funding
- FMO NV
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - A