First Bank Announces New Name, Shareholders Approve New Identity
- First Bank of Nigeria has received approval for a name change as it seeks to create a uniform identity
- Shareholders have approved the new name and also concluded on plans to raise N350 billion in investment
- First Bank is one of Nigeria's oldest banks, with branches in several countries across Africa and Europe
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
First Bank of Nigeria (FBN) Holdings Plc has received approval to change the company’s name to First Holdco Plc.
The company’s shareholders approved the name change at the 12th Annual General Meeting (AGM), held virtually on Thursday, November 14, 2024.
Source: Getty Images
In a statement released over the weekend, Adewale Arogundade, the company’s secretary, confirmed that the resolution applies to all FBN Holdings' subsidiaries.
How First Bank's name change will work
The approved changes include shifting the company’s legal name from FBN Holdings Plc to First Holdco Plc and its brand name to FirstHoldco.
The statement from First Bank reads:
"That there should be a change of the legal and brand names of the company from FBN Holdings Plc and FBN Holdings to First Holdco Plc and FirstHoldco, respectively.
“That the change of legal and brand names should be extended to the subsidiaries of FBN Holdings Plc
“That the directors be and are hereby authorised to perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including, without limitation, complying with the directives.
First Bank to raise N350 billion
Meanwhile, at the same AGM, shareholders also approved FBN Holdings’ plan to raise N350 billion by issuing new shares, ThisDay reports.
The capital raise will be conducted through various methods, including a public offering, private placement, and rights issue.
The statement added:
"That upon completion of the processes for the change of name, increase of the company’s share capital, and allotment of the new ordinary shares, following the resolutions above, the Memorandum and Articles of Association of the company be amended as necessary to reflect the company’s new legal name and Issued share capital.”
FBN subsidiaries
The companies in the First Holdco Plc include First Bank of Nigeria Limited (FirstBank), a commercial bank with operations in 11 countries; the Merchant Banking and Asset Management business of FBNHoldings, which comprises FBNQuest Merchant Bank Limited, FBNQuest Capital Limited, FBNQuest Trustees Limited, FBNQuest Capital Asset Management Limited, FBNQuest Funds Limited and FBNQuest Securities Limited.
FBNHoldings group also comprise insurance businesses, namely; FBN Insurance Limited, FBN General Insurance Limited and FBN Insurance Brokers Limited. The business group offers life and general insurance services, as well as brokerage services.
First Bank announces date for system migration
Legit.ng earlier reported that First Bank announced a scheduled system migration that temporarily disrupted 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 report.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
Source: Legit.ng
