Bank recapitalisation: FCMB anticipates N150 billion by end of September 2024

First City Monument Bank (FCMB) management has revealed that they intend to raise N150 billion by September 2024.

In an interview with Nairametrics, Ladi Balogun, the CEO of FCMB Group Plc, made this claim on the fringes of the business’s Annual General Meeting (AGM) in Lagos.

He claims that the business has come up with a number of strategies to satisfy the Central Bank of Nigeria’s (CBN) new capital requirements.

Read Also: How FCMB Group Sustained Growth Momentum, Profit Rises 192.6% in Q1 2024

He stated, “Our plans during this period will be raising N150 billion through a series of structures. It’s not going to be one straight offer obviously and, that, we expect will be concluded by the end of September.

“We have a number of options, and we can achieve our objectives through any combination of the options we have. We are fortunate that as a group we have eight companies beyond just the bank. So, it’s just the bank that we have to capitalise on.

“We also have people speaking to us on potential merger and acquisition (M&A) partnership, but there is no conclusive plan at this stage. However, if there is an opportunity that is accretive to our shareholders from an earnings perspective, we will consider such things.”

Read Also: FCMB Group Plans Ahead Of AGM, Seeks Shareholders’ Approval For N150 Billion Capital Raise

Loan impairment and non-interest income 

Furthermore, Mr. Balogun commented on the bank’s plan to improve the non-interest income through leveraging digital products and services which would come fully on stream in the next two years.

On the rise of the bank’s loan impairment in the face of high-interest rate levels, the CEO stated that the bank will be supportive and ensure its actions will be in partnership with customers to prevent harming them in any way