FBN Bank is a wholly owned subsidiary of First Bank of Nigeria, founded in London in 1982. Parent company First Bank of Nigeria is the biggest bank in Nigeria and operates internationally; as well as the UK there are further subsidiaries in South Africa, Sierra Leone, UAE, Senegal, Ghana, Guinea, China, Paris and the Democratic Republic of Congo.
FBN Bank UK was initially established as a London branch of its parent company and became an official subsidiary in 2002. These days, FBN serves as the international banking and treasury centre for First Bank of Nigeria.
FBN Bank Products and Services
In the UK, FBN Bank provides corporate, private and correspondent banking services. For corporate clients, the full suite of available products comprises current accounts, loans, foreign exchange, trade finance, mortgages, fixed deposits, treasury services and trade finance.
Private banking services are tailored to the unique needs of the customers they serve. As a subsidiary of an international bank, FBN Bank’s private banking branch works mostly with international entrepreneurs, executives and their families. The team has an in-depth knowledge of all the markets in which the bank has a presence and can offer expert advice. Available services include wealth protection, investment and personal banking.
FBN Bank also works as a correspondent bank for African banks, facilitating trade and export flows from the Middle East and Europe into Africa. The aim is to encourage banks and institutions in these areas to invest in Africa and helps them to balance risk and reward. Correspondent banking cover all major African market currencies, and services include:
Cash letter clearing
FBN Bank Security
FBN Bank UK is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority. Eligible deposits of up to £85,000 are covered by the Financial Services Compensation Scheme.