FCMB Completes Transformation to HoldCo Structure

First City Monument Bank Plc has announced the completion of the transformation into a Holding Company structure.

The bank, in a statement, said it had completed all the regulatory and legal processes required to set up a HoldCo to manage the governance of FCMB and all its subsidiaries. The statement added that the holding company would be known as FCMB Group Plc.

It explained that under the HoldCo structure, shareholding in FCMB Plc would be exchanged on a one-for-one basis for FCMB Group Plc shares, effectively making them the owners of FCMB Group Plc, in the same ratio as previous holding in the bank.