28 November 2012

Nigeria: FBN Holdings Assures Shareholders On Value Creation

The Chief Executive Officer of FBN Holdings, Mallam Bello Machido, has assured investors of the company's commitment to continuously deliver unmatched value for stakeholders.

Machido, who gave the assurance, while addressing stockbrokers and management of NSE at the listing of FBN Holdings the fully paid-up share capital of 32.63 ordinary shares of 50 kobo each, said the bank had conceived the idea of migrating to holding company structure about a year ahead of the Central Bank Nigeria's directive in 2010.

Maccido explained that with the holding company structure, investors would enjoy enhanced service delivery, performance and profitability, stressing.

"We have created an operating model that will drive service excellence and profitably; grow the group's presence in commercial banking and non-banking financial services in order to achieve the aspiration to be the dominant financial services group in Sub-Saharan Africa within the next five years," he said.

He further explained that it was anticipated that the holco structure would increase the bank's competitiveness, improve synergy, as well as improve coordination in various activities of the group.

He stated that with the migration, supervision of the subsidiaries would be closer, while there would also be enhanced monitoring of their various activities.

"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. 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," he added.

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