First Bank Holdings Proposes New Name After Upgrading Banking Platforms
- One of Nigeria’s foremost banks, FBN Holding Plc, has announced plans to change its name to First HoldCo Plc
- The new name will be debated at the company’s Annual General Meeting (AGM), where shareholders are expected to approve it
- The bank disclosed that another essential item at the AGM is the issuing of 5,982,548,799 ordinary shares of 50 kobo each at N25 per share
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
FBN Holdings Plc has announced plans to change its legal and brand name to First HoldCo Plc at its upcoming 12 Annual General Meeting (AGM) on November 14, 2024.
The bank announced this in a notice signed by the company's acting secretary, Adewale Arogundade.
Source: Getty Images
Other subsidiaries to reflect new name
The New Telegraph reports that the name change is one of the several notable decisions the bank’s shareholders will consider at the AGM.
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The company's rebranding will also extend to its subsidiaries across Africa.
The notice reads:
“The shift to “First Holdco Plc” represents a significant moment for FBN Holdings, aiming to modernise its identity and streamline its corporate structure.
First Bank reveals reason for proposed name
According to the bank, the change is expected to better reflect the firm's evolution into a diversified financial services group while maintaining its legacy as one of Nigeria’s oldest financial institutions.
The notice disclosed that by extending the bank’s new name across all subsidiaries, it seeks to present a cohesive brand that boosts its market position and aligns with its long-term strategic vision.
It stated that the move comes at a time when it is actively working to solidify its capital structure and fortify its balance sheet. It said that a critical item at its AGM includes the firm’s revised rights issue, involving issuing 5,982,548,799 ordinary shares of 50 kobo each at N25 per share.
It stated that the offer is based on one new ordinary share for every share held as of October 18, 2024.
The statement said:
“The name change to “First Holdco Plc” aligns with this strategic direction, marking a new chapter for the company’s growth and expansion efforts.
“The upcoming AGM is expected to be a pivotal moment in FBN Holdings’ transformation as it positions itself for future growth and market leadership.”
First Bank upgrades the vendor's platform
The tier-1 bank recently upgraded its platform amid the ongoing tech upgrades by Nigerian banks.
It announced a scheduled system migration that will temporarily disrupt certain banking services.
In an email targeted at vendors, First Bank said it will transition to a new cloud-based procurement and financial platform from Saturday, October 26.
The bank said the migration will be fully operational from Monday, November 4, 2024, Punch reports.
The move aligns with the current wave of bank migrations to more robust platforms to boost cybersecurity in the sector.
Otedola acquires additional shares
Legit.ng earlier reported that Femi Otedola regained his position as First Bank's largest shareholder.
Otedola, who also serves as the chairman of FBN Holdings, now holds a 9.41% stake in the bank after acquiring shares worth N18.9 billion.
The acquisition was disclosed in a corporate notice filed by First Bank on the Nigerian Exchange (NGX) on June 20, 2024.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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