The Head, Corporate Communications of CBN, Mr. Ugochukwu Okoroafor, disclosed this at the Finance Correspondent Association of Nigeria (FICAN) annual conference held in Ijebu Ode, Ogun State on Saturday.
Okoroafor argued that the approval of South Africa's FirstRand to operate merchant banking services in Nigeria was a sign of international interest in the nation’s economy.
The CBN spokesman explained that while it required N15 billion to obtain the merchant banking licensing, the apex bank had completed a new banking model which informed the licensing of FirstRand and FSDH, stating that many foreign organisations were showing interest in the country and more would still be licensed.
Also, FSDH obtained the final approval from the Central Bank of Nigeria (CBN) to become FSDH Merchant Bank Limited.
With this, First Securities Discount House Limited would convert from operating as a discount house to operating as a merchant bank.
FSDH in a statement said, “In continuation of the company’s tradition as a pioneer in the finance industry, FSDH has become one of the first merchant banks to be awarded a licence in Nigeria since the repeal of Universal Banking by CBN in 2010.”
Since March 1993 when FSDH began operations as the first discount house in Nigeria, the company had become a financial services group focused on delivering expert financial services to its select clientele, thereby assisting them in achieving their financial goals.
In order to retain the brand essence and strong brand equity, the company decided to adopt the name, FSDH Merchant Bank Limited.
FSDH is excited by this development as it would enable the company to offer a broader range of services to its clients thereby deepening its relationships and expanding its frontiers. Whilst the company does not underestimate the challenges that it would face, it was, however, confident that with its corporate culture of customer orientation, high performance, image building, collaboration and learning, all obstacles that may come its way would be surmounted.
“FSDH is particularly grateful to the Central Bank of Nigeria, in respect of this approval and believes that this is a strong indication of the apex bank’s belief in the company’s capabilities.
“FSDH would like to seize this opportunity to welcome its stakeholders to the continued experience with FSDH Merchant Bank Limited,” the statement concluded.
via:Rilwan Belo-Osagie
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