About Us

About FBNMB (Merchant Bankers) Limited

FBN (Merchant Bankers) was incorporated Rc Number 58203 on 28 October 1983 and was issued banking licence on 15 March 1990. It commenced business as a merchant bank on August 1,1990 with an authorized and paid-up capital of N25 million and N20 million respectively. Authorized and paid up capital now stand at N1 billion and N750 million
respectively.

Market Position

Since inception ten years ago FBN (Merchant Bankers) has improved
yearly in the growth indicators putting the bank in the top five of the
market and consistently earning an AA industry rating. Total assets have
grown almost twenty-folds to over N8 billion. Deposits and other liabilities
stand at over N7 billion. The bank has an authorized capital of N1 billion of
which N750 million is paid up. At N1.2 billion, shareholders' funds inspire
confidence and provide free enough capital as safety fund.

The bank is deliberately cautious on giving out risky loans and those given
are fully provided for. Loans are giving with due respect to depositors'
money. Only a safe portion of depositors' money is given out as loans.
There is therefore no fear of loans going so bad as to threaten equity
stock.

Assets that are near cash cover depositors' money comfortably. This
shows how secured it is to keep money with the bank. Money kept
with bank yields an attractive stream of income. The bank's banking
software, the Bankmaster has very vast application. On daily basis,
interest automatically accrues on placements and every month,
accounts of customers are up-dated with the accumulated sum.

The bank is a low-cost fund provider. The bank's charges on loans,
overdraft and other facilities are one of the lowest in the market.
What this means is those who borrow from the bank borrow at
about the cheapest rate in the market. This points to the bank's
competency in the core business of banking. The bank manages
its interest margin well.

Earnings, which stood at N1.4 billion in 1999, is almost exclusively
accounted for by interest income. The bank receives far more from
interest than it pays out on interest charges. This contributes highly to
the bank's profit. But what drives the bank's profit is the impressive
staff productivity.

Staff cost has consistently increased. This is because of rising emphasis
on training resulting in improved skills and tipping productivity.
The bank is in the market top 10 in earnings per staff.

Those who invest in the bank have been the better for it. Investors receive
healthy dividends and bonus issues. In the bank's ten years of existence,
the average investor has recouped his investment three times over.

Background

The bank is wholly Nigerian owned with 60 percent ownership by its
parent company and Nigeria's biggest bank, First Bank of Nigeria Plc,
30 per cent by individuals and 10 per cent by staff. The bank was
established to exploit opportunities in investment and wholesale banking.
It has since remained focused in merchant banking with a bias for mid-tier
risks. It plays active role in the resuscitation and growth of industrial, oil
and agricultural sectors of the Nigerian economy.

The bank has four branches outside Lagos, in the commercial towns of
Port Harcourt, Onitsha, Kano, and Abuja. The clearing banks used for
offering merchant banking services are First Bank of Nigeria Plc,
Citizens International Bank and Zenith International Bank Limited.

FBN (Merchant Bankers) LIMITED maintains a correspondent banking
relationship with the Australia and New Zealand (ANZ) Banking Group,
London through which it processes letters of credit for its numerous
customers. The swiftness and efficiency of this service is enhanced
by the on-line computer link maintained with the ANZ, which ensures
fast processing of Forms M and the establishment of letters of credit.
The ANZ Banking Group has branches all over the world and the on-line
service avails FBNMB customers of the wide branch network.

REGISTERED OFFICE:
9/11, Macarthy Street
Onikan, P.M.B. 12715, Lagos, Nigeria
Tel: 26008890-9 (10 lines)
Fax: 2633600
Telex: 28111 FBNMB NG.

FBNMB

FBN (Merchant Bankers) Limited