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Change is the only permanent thing in life, as First Holdco Plc: First Bank of Nigeria changes its name.
In a landmark decision, First Bank of Nigeria (FBN) Holdings Plc has secured approval to change its company name to First Holdco Plc.
This major development was confirmed at the 12th Annual General Meeting (AGM) on November 14, 2024, where shareholders voted to endorse the rebranding.
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First Holdco Plc: First Bank of Nigeria
The name change extends to all of FBN Holdings’ subsidiaries, signaling a new chapter for the bank and its diversified financial services.
The company’s Secretary, Adewale Arogundade, confirmed the move in a recent statement.
The new name will not only change FBN Holdings Plc’s legal identity to First Holdco Plc but also affect its brand identity, which will now be known as FirstHoldco.
This rebranding reflects the company’s commitment to modernizing its corporate image and aligning its structure to meet the demands of an evolving financial landscape.
The Impact on FBN Holdings’ Shareholders and Dividends
At the AGM, shareholders also approved an N14.358 billion dividend for the financial year 2023, equating to 40 kobo per share.
This approval comes alongside the decision to rename the company, demonstrating the board’s commitment to rewarding investors while implementing strategic changes to enhance future growth.
The rebranding is part of a broader set of resolutions passed at the AGM.
Shareholders also approved a capital raise of N350 billion to bolster the group’s capital base, addressing the new requirements set by Nigeria’s Central Bank.
This capital raise will be executed through various means, including public offers, rights issues, and private placements, both locally and internationally.
What Does the Name Change Mean for FBN Holdings’ Future?
The decision to change the legal and brand names of First Bank of Nigeria (FBN) Holdings is part of a long-term vision to expand and modernize its operations.
The FirstHoldco name reflects the company’s broadening portfolio and its focus on delivering a diverse array of financial services.
As FBN Holdings undergoes this transformation, the company also seeks to improve its digital banking capabilities and customer experience.
The capital raised from shareholders will fuel the bank’s strategic investments in technology and innovation, ensuring that First Holdco Plc remains at the forefront of Nigeria’s dynamic financial sector.
10 Key Facts About First Bank of Nigeria (FBN)
1. Established in 1894, First Bank of Nigeria, also known as FirstBank, is West Africa’s premier bank and a pioneer in financial inclusion across Africa.
2. Global Reach: FirstBank has an international presence across Africa, Europe, and Asia. This includes FirstBank UK Limited in London, representative offices in China and France, and operations in countries like Ghana, Sierra Leone, and Guinea.
3. Regulated Operations: FirstBank’s subsidiaries are fully registered with their respective central banks, ensuring compliance and operational integrity.
4. Cross-Border Services: The bank’s international footprint facilitates seamless cross-border transactions, enhancing trade between Africa, Europe, and Asia.
5. Digital Banking Leader: Over 130 years of operation, FirstBank has been a leader in driving digital payment solutions in Nigeria, issuing over 13 million cards and providing easy access to financial services through channels like the USSD *894# code.
6. Over 42 Million Customer Accounts: With more than 42 million active customer accounts globally, FirstBank remains a dominant player in both retail and wholesale banking across sub-Saharan Africa.
7. Comprehensive Services: From pension fund custody services to nominee services, FirstBank provides a full range of banking services to individuals and businesses alike.
8. Awards and Recognition: FirstBank has earned numerous accolades, including being named “Most Valuable Bank Brand in Nigeria” for six consecutive years (2011-2016).
9. Innovative Financial Solutions: The bank has consistently pushed the envelope on financial services innovation, with a strong commitment to improving access to banking through mobile, online, and agent banking.
10. Mission and Vision: FirstBank’s vision is to be Africa’s bank of first choice, while its mission is to remain dedicated to delivering the best financial services to its customers.
Conclusion:
What’s Next for First Holdco Plc?
The rebranding of First Bank of Nigeria to First Holdco Plc represents a pivotal moment in the company’s evolution. As the bank moves forward with its new name and vision, it is set to deepen its impact on the financial sector while offering expanded services to its loyal customers and investors.
This shift marks not only a cosmetic change but also a strategic alignment with the broader financial goals of the institution, ensuring that First Holdco Plc remains agile and competitive in the ever-changing global financial market. By investing in technology, expanding its international presence, and raising capital to meet new regulatory demands, First Holdco Plc is poised for continued growth in the coming years
