First Bank Proposes New Name After Upgrading Banking Platforms
- One of Nigeria’s foremost banks, FBN Holding Plc, has announced plans to change its name to 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
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 of its AGM signed by acting company secretary Adewale Arogundade.
Source: Getty Images
Other subsidiaries to reflect the 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 the reason for the 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, with over 130 years of legacy.
The notice disclosed that by extending the bank’s new 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.
Otedola acquires additional shares
The move comes as Nigerian billionaire businessman Femi Otedola has 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.
First Bank announces new name for subsidiary
Legit.ng earlier reported that FBNBank Ghana has announced a name change to FirstBank Ghana to establish a consistent brand identity.
The name change aligns with FirstBank Group, the parent company's push to create a uniform identity built by FirstBank Nigeria in its over 130 years of banking experience.
According to a statement, the bank said the decision to rebrand to FirstBank Ghana reflects its dedication to delivering world-class banking services and strengthening its position as a leading financial institution in Ghana.
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Source: Legit.ng
