First Bank Concludes Debt Capital Raising Exercise

FBN Holdings Plc has announced that its commercial banking subsidiary, First Bank of Nigeria Limited, has concluded a debt capital raising exercise in the international markets through a $300million subordinated Tier 2 transaction.

A statement by the Head, Marketing and Corporate Communications, Mrs. Folake Ani Mumuney, said in line with the bank’s capital management strategy, the institution had chosen the route to ensure that it remained well capitalised with an improved total capital adequacy ratio of 22.5% up from 20.1% at the end of March 2013, the transaction which further diversified and extended the maturity of its foreign currency funding. The proceeds from the capital raising will be used by the bank for general banking purposes.