FCMB Bank

FCMB Bank
Reader Rating8 Votes
2.9

Last updated: March, 2020

About FCMB Bank

FCMB, also known as First City Monument Bank, is a Nigerian bank headquartered in Lagos. The bank was originally founded as City Securities Limited by Olove Subomi M Balogun, a Yoruba tribal leader, in 1977 and was granted its banking licence in August 19783. FCMB was the first Nigerian bank to be founded without support from government or foreign entities.

As well as its Lagos base, FCMB has branches in all 36 Nigerian states. The bank also has a branch in London, United Kingdom and a South African office.

FCMB acquired Finbank in 2012. The bank also has several subsidiaries covering investment banking, stock brokerage, microfinance lending and pension funds, as well as other non-banking subsidiaries. Together these companies form First City Group.

The UK branch of FCMB was established in 2008.

FCMB Bank Products and Services

FCMB works with individuals, businesses and corporations to provide retail and investment banking services.

Personal banking customers can choose from services including current accounts, savings accounts, investments and a range of services tailored to customers who are Nigerian but not currently resident there.

Customers opening a business banking account get three months free banking, and the ‘Quick Loan’ service can provide loans of up to 5 million nairas in no time, with no collateral required. Other services for business customers include current accounts, savings accounts, loans, bonds and guarantees and a trade service that incorporates both ‘visible’ and ‘invisible’ (where goods and services are not exchanged) transactions. FCMB also offers services tailored to supporting schools.

FCMB can also help business customers gain what is known as ‘intervention funding’ to support their work from the Central Bank of Nigeria.

Services tailored to corporate banking customers include:

  • Letters of credit
  • Import and export
  • Cash management

FCMB also partners with FCMB Capital Markets to offer debt and equity capital raising, mergers and acquisitions, financial advisory and project finance.

FCMB Bank Security

In the UK, FCMB Bank is authorised by the Prudential Regulation Authority (PRA_ and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority.

FCMB Bank Contact Details

81 Gracechurch Street
London
EC3V 0AU

Telephone: 020 7220 1000

Email: [email protected]

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