FinBank Plc., also referred to as Finbank Nigeria or FinBank, was a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with co ...

Nigeria Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...

Overview

In 2012, FinBank merged with

First City Monument Bank First City Monument Bank (FCMB), a member of FCMB Group Plc, is a financial services holding company headquartered in Lagos. FCMB Group Plc has nine subsidiaries divided among three business groups: commercial and retail banking, investment ban ...

(FCMB), allowing them to become the 7th largest bank in Nigeria in terms of branch network and coverage. Prior to the merger, FinBank had about 180 branches in the 36 states of Nigeria. Post Merger, the new bank (FCMB) has over 310 branches, including a branch in the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotlan ...

and business office in

South Africa South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. It is bounded to the south by of coastline that stretch along the Atlantic Ocean, South Atlantic and Indian Oceans; to the ...

. FinBank is still recognized as one of the largest financial services provider in

West Africa West Africa or Western Africa is the westernmost region of Africa. The United Nations defines Western Africa as the 16 countries of Benin, Burkina Faso, Cape Verde, The Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, M ...

over the last decade. , the bank's total assets were in excess of US$3 billion, with shareholders' equity of approximately US$70 million. The stock of FinBank was listed on the

Nigerian Stock Exchange The Nigerian Stock Exchange (NSE) now Nigerian Exchange Group is a Nigerian stock exchange founded in 1961 in Lagos. As of November 2019, it has a total of 161 listed companies, with 8 domestic companies on the premium board, 144 companies on the ...

, where it traded under the symbol: FIBP.

History

The bank was established in 2006, as First Inland Bank Plc, by the merger of four (4) indigenous financial services institutions namely: (a) First Atlantic Bank Plc, (b) Inland Bank Plc, (c) NUB International Bank Limited and (d) IMB International Bank. In September 2008, First Inland Bank rebranded as FinBank. In 2009, the Central Bank of Nigeria, found nine

n commercial banks to be under-capitalized. FinBank was one of them. The Central Bank rescued the nine banks with bridge funding until permanent investors could be found to provide new capital to meet statutory limits. Suzanne Iroche became the CEO when Finbank's CEO and four other CEOs were dismissed on 13 August 2009 by the Central Bank of Nigeria. In November 2010, both FinBank and

(FCMB) announced that FCMB has expressed interest in acquiring shareholding and become the strategic investor in FinBank. In 2012, FinBank Merged with

(FCMB). That merger was consummated on 9 February 2012 and was effected in October 2012, effectively closing the FinBank brand in Nigeria.

Subsidiaries

The bank maintains the following subsidiary companies, as of November 2010: * FinBank Registrars Limited – (FinRegistrars) * FinBank Securities & Asset Management Limited – (FinSec) * FinBank Capital Limited – (FinCapital) * FinBank Insurance Company Limited – (Finsurance) * FinBank Insurance Brokers Limited – (FinBrokers) * FinBank Homes Limited, formerly MGSL – (FinHomes) * e-Frontiers Technologies Nigeria Limited – (eFTN) –

Lagos Lagos (Nigerian English: ; ) is the largest city in Nigeria and the second most populous city in Africa, with a population of 15.4 million as of 2015 within the city proper. Lagos was the national capital of Nigeria until December 1991 fo ...

* e-Frontiers Technologies Ghana Limited – (eFTG) – Accra,

Ghana Ghana (; tw, Gaana, ee, Gana), officially the Republic of Ghana, is a country in West Africa. It abuts the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with Ivory Coast in the west, Burkina Faso in the north, and To ...

Arab Gambia Islamic Bank Limited
– (AGIB) – Banjul, Gambia

Governance

The governing body of FinBank was the fifteen-member board of directors, five of whom were executive directors and ten were non-executives. Theo Chike Osanakpo, one of the non-executive directors was the chairman of the board, having served in that capacity since 2006. Suzanne Iroche was the group managing director and

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especial ...

, serving in that capacity since 2009.

References

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External links