FCMB, FinBank sign MoU on merger plan

FIRST City Monument Bank (FCMB) and FinBank have signed a Memorandum of Understanding (MoU) for the merger of both banks.   According to the report, the conclusion of the transaction  would be subject to the approval of the Central Bank of Nigeria (CBN), other regulatory agencies, Federal High Court and shareholders of both banks.The banks would be transformed to play a significant role in the Nigeria banking industry with substantial enhancement to share of industry assets and revenue.It would also offer a comprehensive suite of banking services, drawing from both FCMBs capabilities in investment banking, corporate banking and retail finance, as well as FinBanks services in commercial retail banking.The combination, according to FCMB, would be supported by a strong risk management and corporate governance structure in order to achieve a well capitalised stable and strong banking platform for customers and shareholders.The synergy would further enhance profitability and deliver better returns to shareholders of the two banks.For FinBank Plc, the merge would create strong financial institution with enhanced liquidity, capital adequacy, strong corporate governance and broader branch network for efficiency in operations. 
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