FCMB Bank (UK), an independently incorporated subsidiary of First City Monument Bank, has launched its personal and business banking proposition in London, UK and Lagos in Nigeria.
The move follows the receipt of required regulatory approval from the Prudential Regulation Authority (PRA) in the UK.
It will enable the bank to extend its services to include retail investments for individuals and business enterprises.
The bank already offers wholesale deposit services, foreign exchange, treasury, corporate banking and trade finance to corporate and institutional clients.
At the launch ceremony, FCMB Bank (UK) CEO James Benoit said: “With the extension of its services, the bank is now able to receive deposits from both customer segments as well as provide them bank loans to enable them meet their financing needs.
“The deposit products on offer include current, notice savings and fixed deposit accounts at competitive rates; while its lending products include Buy-to-Let Mortgage Loans enabling target customers to acquire a piece of London and purchase property to include in their investment portfolios.’’
FCMB Group Plc group CEO Ladi Balogun stated: “Leveraging our deep networks in Africa’s biggest economy, the importance of a London presence to many of our Personal and Business banking customers, and technological innovation, we welcome this opportunity to meaningfully serve more of our customers and grow the value of our UK franchise.”
He further said that that the bank will collaborate with fintech firms to open up service options to its clients and improve their overall banking experience.
FCMB Bank (UK) started its operations as a BIPRU €50k investment firm in September 2009 with CSL Stockbrokers, another subsidiary of FCMB Group.
In September 2013, the bank commenced wholesale deposit taking activities across various segments after securing regulatory approval.